Q: I owe just over $30,000 of credit card debt. I moved to England last year and plan on being here long term.
I’m a dual citizen of the UK & USA. I own no property, no car etc. in the US, all I have is a US bank account. I can’t afford my credit debt anymore, it just continues to grow. Can I file for bankruptcy? What would you recommend?
A:
Since you are living in England, it is very unlikely that your creditors will go to the expense and trouble of bringing an action, obtaining a judgment and then making it a judgment under British Law so that the debt can be collected in the British Courts. I would probably advise you to not go to the expense and trouble of filing a bankruptcy to avoid the debt.
On the other hand, your credit report is going to be dinged up badly by the unpaid debts. I am not familiar with the credit reporting system in Britain and you should contact an attorney there to find out if the debts will even show up when you are rebuilding yourself overseas.
Once you file a bankruptcy in the United States, your credit starts going back up again from the lowpoint you are at. For this reason, you may be better off to file a bankruptcy either in Great Britain or the United State.
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