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Doubt about debts in my country and my american brokerage account
Currently I'm having a hard time regarding to my personal finances.
I live in a country of South America.
I have two debts with a bank of my country, one from a loan and the other from my credit card. I will not be able to face these debts. I will not pay them.
Obviously the bank eventually will try to sue me and foreclosure any asset that I have. However, I have no assets on my name, any.
The only asset I have is some cash saved on my broker account in USA.
My doubt is if the bank in South America could start a lawsuit against me to try to foreclosure my cash in my american broker. What do you think about this?
The bank knows or at least could suspect I have an american brokerage account.
The total debt is of US$ 7000.
Thx.
Can you help answer these questions from other members on NexusFi?
I understand, but maybe someone here had a similar experience and can share it. I guess it would be too expensive for the bank sue me in another country, also believe there must be some clauses of privacy for american brokers to protect personal data and assets on a case like this.
I would reach out to the debtholders and try to come up with a plan to satisfy your financial responsibilities. You might spend more on legal help trying to protect that US account than just stepping up and paying debt that you legit owe.
I will see that, however I don't have almost any money to satisfy anything. It's not that I save in my account more than I debt; no, I have a small amount
You said you have a US account, you could use some of that. I guess you have to decide if you want to pay a legit debt, or a way to escape your responsibilities.
If you continue to shout all over the world, and this forum can be read by the whole world, that you have parked a few cheap bucks in another country, then a commando will come overnight, flown in by them or by yours and pick you up in your bedroom and throw you out over the ocean, because you did not declare on your tax bill those miky mouse amount of money on it.
Broker: Interactive Brokers & Taiwan local brokers & AMP Futures
Trading: Stocks, Commodity & Index Futures
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As you said, you don't have any real estate in your name, so generally you will not encounter foreclosure, unless the real estate owner act as guarantor.
Foreclosure is a kind of process of distraint for real estate, for cash there have another process of distraint but I don't remember its English jargon.
And Yes, they can distraint your money in USA.
I suggest you contact local law firm, and if I were you, I would go to apply bankruptcy, so that I don't need to pay all amount.
Many posters have given much the same suggestions, but here is my take. This is based on my knowledge in the US, so you will need to check what applies where you live:
1. Avoiding the firm you owe money to is a generally bad idea. The amount you owe is large to you, but small to them. As a rule, trying to arrange a payment plan that you can live with is a better move than just hiding from them.
2. Many companies simply don't want the bother of collecting on bad debts, and after a few tries will turn your account over to a collection agency to try to get something back. Often, the collecting company has simply purchased the debt from your bank at a steep discount and will accept a reduced payment, because they didn't pay the full amount to acquire the loan. It is to their interest to settle with you and get something.
3. It is unlikely that anyone is going to sue you for a few thousand dollars. It takes time and lawyers cost money.
4. If you get a lawyer yourself and declare bankruptcy, you may not have to pay any of it. There are consequences to you for bankruptcy, and there are also consequences to you for having outstanding debts that are not settled, so talk with a lawyer about your options in any case.
5. Don't be asking total strangers on the internet about your financial options. Especially don't advertise to the entire world that you have some money in another country that you want to keep quiet about. The way to keep quiet is to keep quiet.
Whatever you do, first find out what are the available options in your own country, look them over, and move forthrightly to end this situation. It looks like you are taking the very bad option of simply trying to hide. Deal with it and get it done.
There are a lot of people who have money problems. You can find out what is available and then take the necessary action that will let you get on with life. This situation is not the end of the world, unless you let it be. And it isn't, even then.
There is always a solution.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
