triangle123
New Member
I am currently working on H1B and would be laid off in 2 weeks. In this economy, I am unable to find a new job and have no option but to move back to India.
I have total debt of more than $100k (credit cards, private student loans and personal loans) which I have no means to even make minimum payments as I have absolutely no savings. I would not be able to file for bankruptcy as I am not eligible for it. For bankruptcy proceedings they base your income averaging last 6 months of pay. Some people wait for a few months without job thus lowering the average income below the threshold to file for bankruptcy. In my case I have to leave immediately due to H1B restrictions and thus would not be eligible.
1. If I just leave for India without notifying my creditors - what would happen? When I apply for another H1B or B1 later, would it be approved? I have heard that they get judgments against you; it would reflect in the system and I might be ineligible to even get a tourist visa again or would be stopped at the port of entry. This would be the devastating that I can't even visit again.
2. Can the creditors try to make this criminal or would it stay civil and just ruin my credit. They will send me collection notices to the last known address or try to trace me. I can try and settle with them once I am back.
3. Do they try to come after you if you go to Canada due to close proximity or do they just try to trace you within the US.
4. If someone knows of a proper way to file for bankruptcy in such a situation or know of people who have left abruptly like this, please let me know their experiences.
Thanks a lot in advance.
I have total debt of more than $100k (credit cards, private student loans and personal loans) which I have no means to even make minimum payments as I have absolutely no savings. I would not be able to file for bankruptcy as I am not eligible for it. For bankruptcy proceedings they base your income averaging last 6 months of pay. Some people wait for a few months without job thus lowering the average income below the threshold to file for bankruptcy. In my case I have to leave immediately due to H1B restrictions and thus would not be eligible.
1. If I just leave for India without notifying my creditors - what would happen? When I apply for another H1B or B1 later, would it be approved? I have heard that they get judgments against you; it would reflect in the system and I might be ineligible to even get a tourist visa again or would be stopped at the port of entry. This would be the devastating that I can't even visit again.
2. Can the creditors try to make this criminal or would it stay civil and just ruin my credit. They will send me collection notices to the last known address or try to trace me. I can try and settle with them once I am back.
3. Do they try to come after you if you go to Canada due to close proximity or do they just try to trace you within the US.
4. If someone knows of a proper way to file for bankruptcy in such a situation or know of people who have left abruptly like this, please let me know their experiences.
Thanks a lot in advance.