Hi everyone!
Here is a background:
I have studied in the US for 5 years and worked 1 year under F-1 visa
status. This year I returned to my home country to apply for H1-b
visa. However, the cap run out and I am bound to stay home for at
least another year.
I also understand that even next year my bid to receive H1-b visa
might be unsuccessful.
I have a huge credit cards debt, and so far managed to pay minimum
payments for last 7 months from the salary I was getting from my US
employer. It worth mentioning that my compensation was cut more than
in half when I left the United States, so I didn't make any
significant savings.
Few days ago I was temporary laid off (my company still wants to
employ me if I make it to US), and now the only real way to continue
payments on credit cards would be taking of cash advances and paying
the minimum.
I am paying the minimum of $600 every month on multiple accounts. For
comparison the average salary in my field (IT) on local market is
about $5K annually.
So, I have no choice but to either simply stop paying, or to file for bankruptcy.
Obviously, I want to explore second option first, and if it is
impossible to do so, I also want to know what implications of the
first option would be.
Thanks in advance!
Here is a background:
I have studied in the US for 5 years and worked 1 year under F-1 visa
status. This year I returned to my home country to apply for H1-b
visa. However, the cap run out and I am bound to stay home for at
least another year.
I also understand that even next year my bid to receive H1-b visa
might be unsuccessful.
I have a huge credit cards debt, and so far managed to pay minimum
payments for last 7 months from the salary I was getting from my US
employer. It worth mentioning that my compensation was cut more than
in half when I left the United States, so I didn't make any
significant savings.
Few days ago I was temporary laid off (my company still wants to
employ me if I make it to US), and now the only real way to continue
payments on credit cards would be taking of cash advances and paying
the minimum.
I am paying the minimum of $600 every month on multiple accounts. For
comparison the average salary in my field (IT) on local market is
about $5K annually.
So, I have no choice but to either simply stop paying, or to file for bankruptcy.
Obviously, I want to explore second option first, and if it is
impossible to do so, I also want to know what implications of the
first option would be.
Thanks in advance!