I have a substantial amount of US debt, but no US assets and very little cash. I know I can stop paying and the creditors won't be able to touch my foreign assets, but I don't feel right walking out completely on my debt. Is there a way for me to reach a middle ground with my creditors so that I pay them a portion? (I moved from Boston)
sure you can try to negotiate with your creditors. up to them if they want to deal. Unless you know that you will NEVER return to the US and will NEVER try to get a green card/citizenship here as you indicated they will likely write off the debt as a loss and some third party debt collectors purchase the debt and hound you.
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You never know when you'll want to return to the US, whether to "visit", on a work, trade or investor's visa or whichever other, not excluding "green card" sometime in the future. Why "close the door" - ruin your credit history for years to come, as well as risk not being approved for a visa and/or not being allowed back?
Depending on how long it has been and the nature of the debt in question, you can still negotiate directly with the creditor/s or if already with a credit collection agency, directly with them - and offer to pay 25-30 cents on the dollar, which they are ultimately likely to agree to.
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contact a credit consolidation company to see what can be negotiated.
PROFESSOR OF IMMIGRATION LAW for 10+ years, practicing 100% immigration law for over 40 years -- OFFICES in OREGON & MINNESOTA represent people WorldWide. All responses on this blog are offered for informational purposes only. It does not create an attorney/client relationship.
Hi there. It sounds like if you do nothing, you will be bothered by knowing that you've walked away from the debt. For that reason, as well as the idea that you might want to return to the US someday, it's probably a good idea to take care of it. I'd recommend contacting a credit counseling agency in Massachusetts (look for a reputable one) or a bankruptcy/debt attorney. They can help you negotiate a better deal. Best wishes to you!
This answer is for information only. Please do not rely on it as legal advice, because your situation may be more complicated. Consult a lawyer.
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