Friday, May 19, 2017
Is Bankruptcy Only Available In America?
Bankruptcy is a legal way to eliminate debts, or have them greatly reduced so the payments are more manageable. The law is a federal law, and it is available in every state in the country. But not everyone who accumulates debt lives in the United States, or perhaps an American citizen is now living abroad but needs to seek the relief offered by filing bankruptcy. So it is important to know the geographic limitations of the rules, and whether you can use them to your benefit outside of the United States.
Because bankruptcy is a federal law, it is only available in federal bankruptcy court. There are not any federal bankruptcy courts outside of the United States, and you do have to be a resident of the district in which you file for a certain amount of time prior to filing a case. So, if you are not able to take advantage of these laws to help out with your debt, you might want to consider other options. Some of your choices could include:
• Returning property you can live without to the lender, after working out an agreement that in exchange for return of the property the lender will not still go after your for any balance.
• Call your creditors and negotiate repayment terms that fit your budget.
• Refinance your mortgage, or ask that it be modified to a lower interest rate and corresponding lower payment amount.
We can help you with your debts, which includes filing for bankruptcy here in America. It is rare to not be able to meet the residency requirements needed to file a case, and we can tell you how these rules apply to your particular situation. Our team of debt management and bankruptcy attorneys is experienced at analysis of personal finances, and developing a plan to get you out of debt! We know how hard it is to live with overwhelming debt, and will work with you to come up with a solution that is tailored to your needs.
For help with getting ready to file bankruptcy, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.