Escaping from credit card debt to Europe.

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pataki
 
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Escaping from credit card debt to Europe.

Postby pataki » Sat Nov 21, 2009 6:42 am

I have a big credit card debt. I stopped making my payments in August. If I leave the USA and move to Europe will the credit card companies and collection agencies try to find me there? If they find me what will happen? Can they take away my car or other properties, garnish my wages?


DoingHomework
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Postby DoingHomework » Mon Nov 23, 2009 10:24 am

pataki wrote:I have a big credit card debt. I stopped making my payments in August. If I leave the USA and move to Europe will the credit card companies and collection agencies try to find me there? If they find me what will happen? Can they take away my car or other properties, garnish my wages?


Generally, they are going to have a very hard time tracking you in Europe if you don't tell them. But when/if you ever come back to the US they could go after you.

It also depends a little on your immigration status in Europe. If you are just a visitor the credit card companies could still go after any accounts you have in the US. Financial institutions in Europe will treat you differently depending on whether you are an EU resident or not. If you are not and you have a checking account or similar in an EU bank with operations in the US there could be a remote chance they could get at your money. Similarly, if you work in Europe for a US company your wages could be garnished depending on lots of details.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Nov 24, 2009 12:03 am

Why give up your life because of debt? I would think you have friends and family here so it seems like of pointless to trade them for your debt.
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DoingHomework
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Postby DoingHomework » Tue Nov 24, 2009 10:28 am

I agree. Aside from the moral issue of becoming a deadbeat and skipping out on your debt, it costs a lot more to live in Europe and, unless you establish residency, which is very difficult, you will not be able to work. You must have an awful lot of debt to make this sensible.

Also, if you just have debt you can't pay here, in most cases it is a civil matter. You can't be thrown in jail for it. If you flee that could be considered fraud and you could possibly get arrested and prosecuted for a crime nex ttime you come to the US.

And bear in mind that some European countries view defaulting on debt as a crime. They could boot you out of the country if they ever found out about it. The only place you would have to go is back here and possibly to jail.

These are all admittedly long shots. But whywould you wantto ruin your life and give up your country over a bit of debt?

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Postby Floppster » Tue Nov 24, 2009 9:59 pm

pataki wrote:I have a big credit card debt. I stopped making my payments in August. If I leave the USA and move to Europe will the credit card companies and collection agencies try to find me there? If they find me what will happen? Can they take away my car or other properties, garnish my wages?


I know this is probably not what you want to hear however pretty much every bank has partners worldwide and even though they officially do not cross-reference their databases they do. They will most likely not sue you in Europe however if you should apply for a loan with any of the issuing banks partner institutions chances may be good that you'll be turned down. Find a way to pay it. I know it may be easier saying it when you are not in the same boat however you have the most important thing to get out credit card debt and that is a job. Otherwise they will screw up your credit and you will never be able to put your foot anywhere in the US. Unless they sue you in a US court they CAN NOT garnish your wages. Most likely they will write if off as a loss. Just throw in a number what amount are you talking about ? Is it more than $50k ?

BTW if you are here on a work visa your boss can be held responsible for your debt!
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955

pataki
 
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Postby pataki » Sat Nov 28, 2009 7:31 am

Thank you for the help everyone! Originally I am from Europe so I have family members and friends there so emotionally it is not that difficult to leave the US for me. I have 49,000USD credit card debt.

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Thatcher44
 
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Debt fugitives

Postby Thatcher44 » Sun Dec 13, 2009 3:44 pm

Hello,

Here in England we are seeing a boom in 'bankruptcy tourism', where people are coming over from mainland Europe to discharge their debts through utilising our lax insolvency laws.

I Went Bankrupt

Best of luck with your debt problems,

Tim



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