International Student Debts

[annie509]

What is the name of your state? CA

Hi! I was an international student (F-1 visa) in CA and now I have returned to Taiwan, my homeland. For the years I have spent going to school in Ca, I accured credit card debts. I am hoping to return to the states someday to have a family, but I am developing my career in Asia for the mean time. With the hopes to return to the US someday, I was wondering, is there a way for me to file bankruptcy? Without jepordizing my chance of getting a green card in the future?

What should I do now, since I am in Taiwan already? (I didn't anticipate staying in TW) I have heard of many international students just leaving their debt behind without filing for Bankruptcy....what are the consequences? I only have a car under my name, which i am still paying off and my brother is driving it in the mean time.

Thank you in advance for your time. Much appreciated.

 

[Debt Guy]

What is your reason to file bankruptcy? What problem are you trying to solve?

 

[annie509]

RE:reason to file

My reason to file would be that Im still in the process of job searchin, and I am running very low on funds and with the salary i'll be gettin here, it'll be really hard to pay back all my debts with the interest rates and all. The salary I can be expecting will be approx 1250USD/ month. Which after living expenses for my mom and I, is really only enough to maybe make minmum payments... which for me... doesn't seem hopeful.

 

[Debt Guy]

You say that you expect to return to the US. I presume the purpose for doing so is the income potential. Is there a reason you cannot repay your debts then?

Personally, I have a problem with people who want the benefits of our country but not the obligations.

Under current law the fact that you defaulted on those debts or that you filed bankruptcy will not affect your ability to get a visa or work permit. I am sure you know that this whole section of the law is in flux right now over concerns about immigration. There will be some changes in the law and one should expect that the rules will tighten and will make immigration more difficult. Surely the new rules will incorporate some form of background investigation. Who can say if financial history will or will not be part of the investigation?

If you have the ability to make minimum payments, perhaps it makes more sense for you to try to work with the credit card companies about a hardship program. If you can get the interest rates down but keep the same payment, you will start to pay down the principal -- which is what you really want to do.