Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Inventive foreign bank to pursue old real estate loan in new country/state (UT)

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  • Inventive foreign bank to pursue old real estate loan in new country/state (UT)

    Had the displeasure of hearing from an old bank connection of mine, concerning a defunct real estate guarantee they issued some years ago in a Scandinavian country, where I lived and worked. I became disabled, but had a wonderful insurance that pays both a percentage of my previous income and 100% of my retirement contribution until I turn 65, an amount nobody would sneeze at. Unfortunately the statute of limitation has not run on this particular guarantee, and they have gotten this swell idea to hire a US attorney to proceed with collecting their due. Now as a retired JD, it would normally be a fast trip to the courthouse and a quick Chapter 7, and they would be left looking for a new hobby, but I have some family debts which are recorded (part of same real estate transaction), which would also go by the wayside, and family relations in Europe would cool considerably if that would happen, and certain relatives weren't paid their dues.

    Question 1 is: Can I still do a quick Chapter 7 turn-around (have no debt in the US I couldn't eliminate within a week), pick and choose which former creditors I'd like to get Christmas Cards from, and affirm those debts some respectable time after the Chapter 7 discharge has been granted. Any alternative I've overlooked - These relatives are a generation older than me, so testamentary decisions have been based on those recorded documents, so the fact alone that they now have to be re-titled will cause havoc.
    Question 2 is: Once the bank submit to US jurisdiction, they can't reach out after me in Scandinavia (lack of personal jurisdiction - I'm sitting safely here in Utah), but could a Federal Bankruptcy Court get some novel idea and decide to reach out after what is clearly by law retirement funds in Europe? (Some courts idea of law in equity because all these nice Euro's that are sitting over there, and crocodile tears over this poor bank - which themselves had to be bailed out by the government as a result of the 2008 real estate crash).
    I guess Law school made me a bit paranoid when it comes to Article 3 judges and their minions - and the only one I potentially could ask is a Chief Judge of a huge Fed District (outside UT), and I seem to recall something about advisory opinions, so that probably isn't an option.

  • #2
    Your issues dealing with cross boarder insolvency and a foreign retirement plan that may or may not qualify under SSA rules, the IRC and applicable Treaties are way too complex for any Internet forum to discuss. I have dealt with both. You are not a "quick Chapter 7 turn-around" with those issues and it is quite possible that filing a bk will be a mistake.

    I suggest you start looking for a very, very, very well qualified bk attny in your area. Bring to your meeting every document you can get your hands on relative to that retirement plan, even if it means hiring another attorney to communicate with the foreign Plan administrator.

    Lastly, should you actually be advised to file bk, assuming it is a Chapter 7, you are free to voluntarily pay any creditor you wish after your file.



    • #3
      I second what Des has said. Furthermore I would add that it may be best to wait until after the discharge which is about 90-120 days after filing depending on when the mandatory 341 meeting is. That way you can be sure that your debts have been cleared and eliminate the likelihood of a fraudulent transfer being avoided.


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