Leaving the country

[jda999]

What is the name of your state (only U.S. law)? Colorado
I want to move to Mexico. I intend to maintain my US citizenship. I owe $80,000. in credit card debt from business and peronal use. I have personal property: books - some rare, some jewelry, a coin collection, and a large amount of photographic eqiupment.
I plan to sell a good bit to raise cash. What happens if I move to Mexico and default on my debt as opposed to filing ch. 7 where ALL my assets will be liquidated?
Thanks,
John

[OldandTired]

Are you wanting to move to Mexico to avoid your debt?

[jda999]

Primarily, but I also want to retire there. In 7 years I'll be eligible for SS and want to be able to collect. I understand there is a 7 year statute of limitations.
Would Europe be a better choice , or neither?
Thanks,
John

[OldandTired]

7-year statute of limitations for what?

Leaving the country to avoid your debt without first taking steps to either pay it, or file bankruptcy, is just bad, and I'm sure you already know this.

I'm really at a loss for words here, because there's many things I "want" to say, but I believe is better left unsaid.

To make a conscious decision to attempt to basically screw the people you owe, doesn't allow one on here to really offer much advice.

I guess if you really have to have an answer, take care of your business before you leave.

[jda999]

OldandTired,

Thank you for your honest answer. I have never considered anything like this in my life. I am very backed in a corner - as are many today - it was an idea out of desperation and not a good one.

Regards,

John

[Some Random Guy]

I hope you realize that the statute of limitations varies by state and type of debt, and may be tolled (put on hold) if you move out of state or the country.

[ecmst12]

Bankruptcy is a MUCH better option then fleeing the country.

[Debt Guy]

If I were the lender -- I would sell the debt to a Mexican collection agency. I think collectors in Mexico have access to techniques that a US collector would be to squeamish to use. Ouch.

[debtcollector`]

Originally Posted by Debt Guy

If I were the lender -- I would sell the debt to a Mexican collection agency. I think collectors in Mexico have access to techniques that a US collector would be to squeamish to use. Ouch.

It is amazing the level of compliance you get when Mr. Easton does the talking.

DC

[Who's Liable?]

Originally Posted by Debt Guy

If I were the lender -- I would sell the debt to a Mexican collection agency. I think collectors in Mexico have access to techniques that a US collector would be to squeamish to use. Ouch.

Can you say "water board"?