I am not a US citizen (just PR) and I have stayed in the US for 14 years. I have been laid off my job for a couple of years and right now planning on filing for bankruptcy since we are having problems paying our medical bills, mortgages and student loans. We don't have any credit cards debits. The only problem I have is that I do have another house in my home country (purchased using my retirement account when I was working in my home country) and some bank accounts under my name which belongs to my kids as they are minor. How does that affect the bankruptcy here in the US? Will they take away my home in my home country as part of the settlement? Please help.
In Bankruptcy, you must list all property you own regardless of where that property is located. Property that you can protect from your creditors is referred to as your exemptions, and each state has different exemptions. I am posting a link to these exemptions below.
Hope this perspective helps!
All assets and all liabilities must be listed in a bankruptcy. No matter where the property is a trustee may be able to liquidate it in a Chapter 7 if it is unexempt property. All states have exemptions to protect a certain amount of property. To protect unexempt property a person would usually file a Chapter 13 bankruptcy. Speak with an experienced bankruptcy attorney in your area to go through your options.
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You have some big problems here and your citizenship is not it. First, unless those accounts are custodial accounts, they are your assets. Second, the home in your home country is an asset. Third, student loans are not dischargeable in a typical bankruptcy. Fourth, your mortgage loan can be discharged, but the lien will remain and must be paid to keep the house. Lastly, you may have more debt coming and need to consider timing.
See a local attorney immediately. You must disclose everything or face another issue - Bankruptcy Fraud. That can affect your immigration status.
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