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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2901
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Situation we declare bankruptcy in the US and move to Canada.

Customer Question

Situation: we declare bankruptcy in the US and move to Canada. Since we are not using US SSN's for employment in Canada (since we have dual citizenship status), does the US bankruptcy follow us? Specifically- home mortgage or car loan in Canada? I understand we still have to pay our US student loans where ever we live.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 years ago.
You are contractually responsible to pay the debts wherever you may reside if you want to keep the car and home. If you are walking away and surrendering the assets, the debts will be discharged. The bankruptcy will remain on your credit report for 10 years. If you reaffirm the house and car in the bankruptcy, then you have to pay for those debts.
Customer: replied 8 years ago.
how does the bankruptcy effect us in canada as far as our credit rating? can we get credit up there if we declare bankruptcy in usa? we don't have a credit history in canada right now (no accounts in our name there). I realize we have to pay our undischarged usa debts, but what about obtaining credit in canada for a home loan or car loan?