Implication of Bankruptcy on Foreign Assets and Bank Accounts
My question involves bankruptcy in the state of: Arkansas.
If I declared bk due to business losses, what are the consequences in terms of my personal properties in my county before I came to the US (I am here for 13+ years on Green Card), my bank accounts abroad? Will it affect my parents and my in-laws bank accounts and their properties in any way? My wife and I are personal guarantors for all 4 sets of businesses with real estate.
In this regard which chapter would be better to apply under?
Any information and any links for me to read would be greatly appreciated.
TY
Re: Implication of Bankruptcy on Foreign Assets and Bank Accounts
In a Chapter 13 bankruptcy, your foreign assets and property would be considered in relation to your capacity to repay your debts and the amount that would be repaid under your Chapter 13 plan.
In a Chapter 7, your non-exempt assets can be liquidated and applied to your debts.
You will discuss your situation in detail with your bankruptcy lawyer.
Re: Implication of Bankruptcy on Foreign Assets and Bank Accounts
Quote:
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Mr. Knowitall
In a Chapter 13 bankruptcy, your foreign assets and property would be considered in relation to your capacity to repay your debts and the amount that would be repaid under your Chapter 13 plan.
In a Chapter 7, your non-exempt assets can be liquidated and applied to your debts.
You will discuss your situation in detail with your bankruptcy lawyer.
There is a situation called reciprocity (sp) if the US does not have that agreement with a particular country then a fresh case has to be filed in that countries courts.