Leaving the US?

[MI Meltdown]

I may be moving out of the United States soon, and still haven't sold the house. With family overseas I'm wondering if a possible deficiency balance on a foreclosure will become a moot point. I also understand that credit agencies like Experian, Equifax etc. only have relevance in the US. Anyone know? How safe am I from creditor pursuit outside of the country?

[Bandit]

I would say that 20 years ago that would have worked. Years ago you could have just moved to a new state and they would have a difficult time just getting you for a traffic violation, let alone any bills. Since the system today is a world wide network for banking and all, it may not be as easy by just moving to a new country.

I am not the professional here for moving out of the country so this is not advice or experience, I only remember how things were years ago and how it is today with the computer era.

[Bandit]

Wait. I suppose if someone moved to a country where there is no electric or computers, then it should be fine because you would not be entering back into the system for money, taxes and all that. That is all I can think of.
Anyone else?

[BKOnce]

Yes, worldwide databases shared/connected by states' computer network/systems, if desired

[lrprn]

How safe am I from creditor pursuit outside of the country?

Not very safe at all.

As of Oct 2005, the US now has a little-known new bankruptcy chapter - Chapter 15 - that created agreements with other countries regarding bankruptcy.

"The purpose of Chapter 15, and the Model Law on which it is based, is to provide effective mechanisms for dealing with insolvency cases involving debtors, assets, claimants and other parties in interest involving more than one country."

See http://www.uscourts.gov/bankruptcyco...chapter15.html for all the details.

[MI Meltdown]

You guys rock, thanks . . .