I’m Leaving the Country But Have a Lot of Debt. What Should I Do? – Worried in Ontario

Worried in Ontario

“Hi Steve,

My wife and I have run up a debt of around $54,000 in credit cards and lines of credit due to medical problems. We haven’t as yet missed a payment on any of our cards and lines but….know that there is no way we will ever be able to repay this debt. We are planning on moving to another country permanently and were wondering what would happen if we just stopped paying and left the country ? is there a statute of limitations ?? could we be charged with fraud ? I don’t want to completely cut ties with Canada as my kids are Canadian and I feel we still have a bond with Canada.

I have explored the possibility of filing for Bankrupcy …but am worried that I might get charged with fraud if the trustee finds out about my plans to permanently relocate. I’d really appreciate any advice you could give me and thank you in advance for your time

Worried in Ontario”

Dear Worried in Ontario,

I always believe that it is better for your life to resolve past financial problems before moving forward. You don’t want to be in another country, trying to establish a new life, and start getting chased by collectors for old debt.

It is better to go bankrupt before leaving the country than it is to try to go bankrupt from abroad when it all gets to be too much.

I would go and talk to your bankruptcy provider about this. Generally it will not be a problem as long as you can make yourself available when needed by the trustee during the process.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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