thinking about filing for bankruptcy...

S

smehta

New Member
i am in a deep hole of credit card debt due to unforeseen circumstances and loss of job at the same time. now i am thinking about filing for bankruptcy but my application for citizenship is due in 9 months. does my filing for bankruptcy will have any negative impact on my citizenship interview(bad moral character)?? would i be able to sponsor my parents even after filing for bankruptcy(keeping in mind that i'd be making enough to sponsor them)??
please help as this situation is very tense..
thanks
 
Do you really need to file for bankruptcy? You can probably get a loan with a lower interest rate to pay off your credit cards, and that can cut down your monthly payments by as much as half.

But anyway, bankruptcy won't affect your naturalization. But depending on how your bankruptcy is resolved, it could affect your financial ability to sponsor your parents. Depending on which state you are in, they can take away your house, garnish your wages, and liquidate other assets in order to pay off as big a portion of the debt as possible.
 
Filing for bankruptcy has nothing to do with naturalization provided you are in compliance with the law regarding your taxes.

Sponsorship of parents is an issue that will come up later and to be able to do that you will need to show that you have enough income and assets (it appears that assets might be a problem for you). Filing for bankruptcy will make it appear that you have no assets and it will also be examined more closely.
 
What exactly were the unforseen circumstances? Lenders will be sympathetic if they were health related for example. After all they want their money back. Bankruptcy should be your last resort.

smehta said:
i am in a deep hole of credit card debt due to unforeseen circumstances
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when i am saying sponsor my parents i mean to file for their greencard. do i still need to show some assets?? the regular income of bracket of $22000 will not going to work??
what if the creditors get judgment against me as i am in default?? would that be an issue at filing for citizenship?
 
smehta said:
what if the creditors get judgment against me as i am in default?? would that be an issue at filing for citizenship?
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Your assets would be seized to the extent that the law allows. Then if it's not enough to pay off the debts, and you aren't able to work out a satisfactory payment plan with them to pay off the remainder, you'll be forced into bankruptcy.
 
smehta said:
when i am saying sponsor my parents i mean to file for their greencard. do i still need to show some assets?? the regular income of bracket of $22000 will not going to work??
what if the creditors get judgment against me as i am in default?? would that be an issue at filing for citizenship?
Click to expand...

Your citizenship might be fine, but for your parents you will need at least a co-sponsor.
 
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