Should I file bankruptcy??

[nothing2loose]

Hi everyone!

I'm brand new to this forum and have many questions to ask.

Here I go,

I use to live in Misouri USA now I am in Canada I left US January 2005 I do not have valid visa to get into the USA I have around $40000 US debt in the form of CCs with 2 different banks as well as consolidation loan with credit union and best buy credit card with very high rate, I have no assets neither in Canada nor in USA I have one old 99 model car fully paid off, till today I never behind to paying my bills but now I can not afford to pay my bills. Almost my all creditors knows my phone number and Canadian address especially Credit Union bank knows my Canadian social security number and my employer address in Canada and my work phone number. To get rid of debt I have two options

First option is to change my phone numbers including work number and stop making payments but if I stop payments can they catch me in Canada? Or inform Canadian credit reporting agencies? They have my SSN and same credit reporting agencies are here like TransUnion and others, is there any possibility creditors will inform immigration?? Because I m planning to apply for vist visa and will visit USA end of this year I am afraid they will catch me on the port?

Second option is file bankruptcy chapter7, I talked to many lawyers and almost everyone say you can not file from Canada you have to be in US one of them said why are you want to file? You are in Canada just eat that money, finally I found one lawyer and he said I can file but he ask me to provide my pay stubs, passport copies, my Canadian driving license copy, my Canadian SSN. The fear I have is if I provide all this data creditors will have my all Canadian information as well as US info and they can screwed my Canadian credit history too?? So I will have bad credit in USA as well as Canada !!!!!

I hope some one will spend his/her valuable time to answer me in detail.

Suggestions will be highly appreciated.

[lrprn]

Welcome to BK Forum, N2L - glad you found us!

You need to investigate the new Chapter 15 bankruptcy that was created when the new BAPCPA US bankruptcy law was passed in Oct 2005. Canada is one of the countries that has adopted this approach. The purpose of Chapter 15, and the Model Law on which it is based, is to provide ways to deal with insolvency cases like yours that involve more than one country. For all the details about Chapter 15, go to http://www.uscourts.gov/bankruptcyco...chapter15.html

Hope this helps!

[nothing2loose]

What I understood after reading about chapter15 is that if I go with this my canadian creadit will be invloved and I dont want it, I dont even want my candian credit history to be touched for US debts.

If I go with my first option will it be good for me? (please see my option one) or I sould file chapter7?? if I go whith that I need to provide all canadian data to attorney so is there any possibilty creditor will hurt my canadian history (please see my option two)

I will be thankful if any one suggest me which route i should follow.

[lrprn]

I will be thankful if any one suggest me which route i should follow.

Nothing2loose, no one here can tell you which of these options is best for your situation. You have a unique set of circumstances having both Canada and the US involved, so you need sound legal advice from an experienced bk lawyer familiar with filing for someone residing out of the country. Did you feel a good connection with any of the American or Canadian bk lawyers you spoke with?

[lrprn]

"Never take the advice of someone who has not had your kind of trouble." - Sidney J. Harris

I think Mr. Harris is a wise man, and I also think you are just trying to make trouble here. You can believe whatever misguided and incorrect information about bankruptcy you've been fed by the creditor media machine - we know the truth because we've lived it and you haven't. Kindly please move along and share your "wisdom" with a more deserving forum (and this will be my last post to any comments you make in the future). I encourage our other members to not take the bait - it only encourages this kind of self-righteous poster to get more outrageous and inflamatory. This person is not worth one second of your time.

[melonhead]

Taking advice

"Never take the advice of someone who has not had your kind of trouble." - Sidney J. Harris

I think Mr. Harris is a wise man, and I also think you are just trying to make trouble here. You can believe whatever misguided and incorrect information about bankruptcy you've been fed by the creditor media machine - we know the truth because we've lived it and you haven't. Kindly please move along and share your "wisdom" with a more deserving forum (and this will be my last post to any comments you make in the future). I encourage our other members to not take the bait - it only encourages this kind of self-righteous poster to get more outrageous and inflamatory. This person is not worth one second of your time.

I think Mr. Harris is not so wise. Most people go to college, law, medical and other schools to learn without experiencing difficulties on their own. There is not a single male obstetrician who has experience a difficult delivery.
Nor have most bankruptcy attorneys filed.

One doesn't have to walk in the other's shoes.