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  1. #1
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    Sep 2005
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    Default 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.

  2. #2
    Join Date
    Feb 2013
    Posts
    10

    Default Re: Implication of Bankruptcy on Foreign Assets and Bank Accounts

    Quote Quoting Mr. Knowitall
    View Post
    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.

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