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  1. #1
    Join Date
    Aug 2008
    Posts
    7

    Default File Bankruptcy or Not?

    Hi,

    I had some credit card dues when i left United States roughly four yeards back and couldnt return back due to personal constraints. Now that i am planning to head back to US and also have a job offer, wanted to check, what kind of steps i need to take to ensure that i am financially stable and not chased by my creditors. Please advise.

    Thanks.
    SKhan

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: File Bankruptcy or Not?

    If you're working and you decide to apply for any sort of credit at all or if your employer did a pre-employment credit check or consumer report, you may well end up being pestered by your creditors anyway.

    Many creditors keep an eye on the reports of people who owe them - there are services available that alert them when there is new activity in a given file.

    It would be in your best interests to make arrangements to settle your debts BEFORE they track you down.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: File Bankruptcy or Not?

    Are these fairly large credit card debts since you are apparently considering bankruptcy? (You posted in bankruptcy forum - file bk or not?)

    What is the name of your state? - what state will you be living in since you noted you have a job offer in US.

  4. #4
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: File Bankruptcy or Not?

    Negotiating payoffs before you return to the U.S., assuming you can afford to do so, could work in your favor. They may be willing to settle for substantially less if they believe you are going to remain overseas, where collection efforts will be much more costly and difficult for them, versus after you return to the U.S.

  5. #5
    Join Date
    Aug 2008
    Posts
    7

    Default Re: File Bankruptcy or Not?

    This was in Illinois, now when i return back, not sure where i will end up working. Is bankruptcy specific to State?

  6. #6
    Join Date
    Aug 2008
    Posts
    3

    Default Re: File Bankruptcy or Not?

    If you have a lot of credit cards with high balances than I would file BK.

    You can file chapter 7 if it is just credit cards.

    Chapter 7 stays on your credit report for 10 after the filing date.

  7. #7
    Join Date
    Aug 2008
    Posts
    7

    Default Re: File Bankruptcy or Not?

    It was about roughly 7000 dollars when i left, now this must be around 40-50K. Just the credit card debts.

  8. #8
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: File Bankruptcy or Not?

    Yes, bankruptcy is state specific.

    If your debt is up to 40-50k, you may want to consider bankruptcy though we don't know your complete financial situation. You might talk to a bk attorney.

  9. #9
    Join Date
    Aug 2008
    Posts
    7

    Default Re: File Bankruptcy or Not?

    Thanks, is there a way i could check my credit report online so that i can get an handle on of the current position. I have looked around and most of the websites ask for a credit card and unfortunately i do not have one at the moment.

  10. #10
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: File Bankruptcy or Not?

    You can get all three of your credit reports here, completely free, no credit card required.

    This is the one sponsored by all three CRAs.

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