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**EdytaHome** · 01-14-2005, 06:15 PM

Canada, Mexico and US have their own set of lawys regarding bankruptcy. I don't think any of these records are shared among our bordering countries. I just can't imagine that. Are you filing BK in the US?

**clig_fred** · 01-14-2005, 06:48 PM

Yes, I want to go Canada after I file BK in USA

Yes, I am planning to file for Bankruptcy in the USA.

Then I want to work in Canada for 7 years and then return to the USA

**EdytaHome** · 01-14-2005, 06:54 PM

I think you have to report your car as an asset because technically you could bring it back to the States as easily as you took it to Mexico and sell it. If you own it it's your asset (consult an attorney). If you have no other assets (house, bank account) you should be able to keep your car anyway.
You may have a harder time rebuilding your credit in the US since you'll be residing in Mexico after discharge.

**clig_fred** · 01-14-2005, 07:20 PM

But I imported my car to Canada 7 months ago and the plates on the car are Canadian now. I drive back and forth from the 2 countries.

So I do not know if it's an asset. I will mention it as an asset but will indicate it's not in the USA at the time of filling.

Does the bankruptcy in the states affect my credit cards issued by non American companies (in Canada/Mexico)?

Since I will stay outside the states more than 7 years, does the Statue of Limitation apply? I might not even have to apply for bankruptcy!!!

Thanks

**EdytaHome** · 01-15-2005, 10:39 AM

Get a free consultation with a lawyer.
You should have no problem applying for credit cards in other countries, as far as the BK or Statute of Limitations, you have to make that decision. I know for me, I would rather not have to worry about being "wanted" for money everytime I enter back into my country and it sounds like you do a fair bit of traveling back and forth.
I have some experience with traveling and living outside of the US because I was born in Poland and most of my family still lives there.
Good luck!

**clig_fred** · 01-16-2005, 01:46 AM

wanted

"I know for me, I would rather not have to worry about being "wanted" for money every time I enter back into my country and it sounds like you do a fair bit of traveling back and forth."

I appreciate your response. When you say "wanted" does this mean while traveling back to the USA a person who owes creditors money will be on a black list of some sort? I mean will it be a public record like Bankruptcy?

Thanks

**EdytaHome** · 01-16-2005, 10:12 AM

I suppose that could be if you have judgements filed against you as part of your debt deliquency. You do not get checked everytime you come through the border, but if you do you could have some problems. Not exactly sure what could happen.

**clig_fred** · 01-17-2005, 04:19 AM

"I suppose that could be if you have judgements filed against you as part of your debt deliquency. You do not get checked everytime you come through the border, but if you do you could have some problems. Not exactly sure what could happen."

Are these problems possible when I return to the USA after 10 consecutive years of absence?

**HHM** · 01-17-2005, 08:29 AM

Originally posted by clig_fred

Does Bankruptcy in the USA affect your credit rating in Canada/ Mexico?

If I apply for a Mexican/ Canadian Credit card and am asked if I ever filed for Bankruptcy in Mexico/ Canada and I say No is this a problem.

Many tell me that Bankruptcy in the USA is different from Mexico/ Canada. So when I am asked if I ever filed for bankruptcy, then the question actually pertains to the country where I am asked. Right? In other words, it's not a lie. So if somebody wants to build good credit on Mexico, then there is no worry because the database (i.e. public records) is not shared outside the USA. Right?

Also, if I have imported my car to Mexico and I am still in the USA and my car is Mexican, then should I report my Mexican car as an asset or not?

That's an interesting question. I suppose regarding your specific question about whether you can answer NO on a credit app in Mexico or Canada, your reasoning sounds about right. However, because you are presumably a US citizen and therefore have an SSN, I don't see any reason why a Mexican or Canadian Bank could not access the big three credit reporting agencies (Trans Union, Experian, and Equifax). The answer would probably based on Canandian and Mexican law, not US law. Public information is public information. A computer geek in Bulgaria could figure out you filed bankruptcy.

Regarding the car, yes, technically its an asset, you own it, right?

**clig_fred** · 01-17-2005, 03:20 PM

HHM, thank you. Your response is specific and helpful. You said,

"However, because you are presumably a US citizen and therefore have an SSN, I don't see any reason why a Mexican or Canadian Bank could not access the big three credit reporting agencies (Trans Union, Experian, and Equifax)."

Yes, I have a SSN.

The REASON (above):
In Canada, I tried so many times to obtain a credit card and every body denies me although at that time I had excellent credit in USA. I told all the Canadian banks to access my records in the USA but they said they could NOT because it's not shared!!

The CAR:
Yes, the car is in my name and the USA title was destroyed and was given a Canadian title. The plates on the car are Canadian.

The Statue of Limitation (SOL):
After 10 consecutive years, I could enter the USA when I am a Canadian citizen (i.e., new name). Even if I get judgments while I am absent, SOL also applies on judgments. So everything cancels as shown on http://creditinfocenter.com/rebuild/...itations.shtml

**HHM** · 01-17-2005, 03:53 PM

There are different rules for judgments. Having a judgment means they already sued you and presumably, sued you within the SOL (but even if they didn't the judgment will be presumed valid unless you go to court to vacate the judgment). Whether a judgment is perpetual depends on state law. In most states, judgements can be renewed indefinately.

Also, you could run into trouble with the SOL if you commit fraud or purposly evade.

**EdytaHome** · 01-17-2005, 05:33 PM

clig fred,
I thought your car is registered in Mexico since you'll be residing and working there?
Just a comment: If I were you I would NOT give up my American Citizenship! How can you get Canadian citizenship living and working in Mexico? I have friends in Canada who tell me that obtaining Canadian citizenship is pretty hard. In fact getting US citizenship is much much easier.
What ever you do, consider filing bk and free yourself from other headaches.

**clig_fred** · 01-18-2005, 01:59 AM

It seems BK is better than SOL because judgments could be placed against me even when I am absent and never notified about judgments!!

There is no definite answer what is better.

On http://www.creditinfocenter.com/bank...rnatives.shtml
CCCS is mentioned before BK as if it is better solution. But BK when your concern is avoiding judgment.

The SOL seems to be never effective because Credit Card companies could sue. So why do people use SOL if there is always judgments possible? Are the judgment very likely always?

No, it's Canadian car. But I have to think of the 3 countries.

**HHM** · 01-18-2005, 07:27 AM

SOL is a defense to a lawsuit and you can also use it to vacate the judgment if a credit card company gets a judgment against you on a bad debt (but you would also need to prove you weren't properly served with notice of the original lawsuit).

BK tends to be the quickest, easiest, and least costly way to deal with debt and gain certainty. CCCS, debt settlement etc, are all private options, but only bankruptcy is legal and creates legal rights you have against your creditors.

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