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Here's What Happens When You Rack Up Debt and Leave the Country
- You're still responsible for debt if you leave the country.
- If you stop making payments, it can ruin your credit score, and your creditors could also sue you to potentially garnish U.S. assets and wages.
- You'd need to start fresh in another country, meaning getting a work visa and a job and opening all new financial accounts.
www.fool.com/the-ascent/personal-finance/articles/heres-what-happens-when-y…- People also ask
Creditors can and will take you to court for unpaid debt. Even if you're not around, the court can enter a summary judgment against you. The creditor or collection agency may then be able to garnish U.S.-based assets, including: 1. Bank accounts 2. Brokerage accounts 3. Wages paid by U.S.-based employers … See more
Not making debt payments does serious damage to your credit score. Creditors report when your account is delinquent and when they've sent it to collections. You … See more
In all likelihood, the consequences of not paying your debt will only apply in the country where you incurred that debt. INTERPOL's not coming after you … See more
I won't bore you with how paying back your debt is the right thing to do. Let's look at this idea entirely from a personal financeperspective. You could theoretically … See more
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WEBFact-Checked. When you're experiencing financial stress, it's tempting to do whatever it takes to alleviate the pressure. But most people find that a bankruptcy case goes more smoothly with some planning. If you're considering bankruptcy, it's important to learn what not to do before filing bankruptcy.
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Here's What Happens When You Rack Up Debt and Leave the …
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If you rack up debt after separation, don't expect your former …
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