You’ve already lost your house through foreclosure. If it seems like you’re moving to evade debts or other responsibilities, there’s a very good chance that your application will be denied. Since this verdict was filed before you left the country, any assets you left behind are likely within their reach. No, you’re unlikely to be followed by a verdict to China, Europe, or anywhere else your travels could take you.
Can you flee the country to avoid debt?
To
other countries where the cost of living is often lower and collection agencies have less power over them. If the person wants or needs to return to the United States, they’ll find that their loan balance only increased while they were away thanks to compound interest, collection fees, and late fees. Moving to another country does not remove your legal obligation to repay the borrowed money. Contact the credit card company you owe money to and stick to a repayment plan until your debts are settled.
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Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.