Court Judgement

[mikekim1219]

I stopped paying couple of credit card debt few years ago. I settled with the others. It's long story but here is my question. I wanted to file bankruptcy but the lawyer told me I can't since I don't have residency in USA. Also told me not to worry about it as long as I don't plan to return to states. If I do I can always settle even then. However, since it's never too late to plan ahead, I would like to know the judgement affecting my ability to receive social security from outside of USA when time comes. Since I cannot open bank account in USA without court seizing any asset and the payment must clear the clearing bank, I am not sure what process I need to follow to receive the payment in Thailand. Also I have IRA holding which my lawyer at the time told me cannot be touched by creditors. Can court seize my IRA when it is fully matured and ready to withdraw?

Thanks in advance

[Jingthing]

Lots of questions, but I think that social security can send your benefits by check to foreign countries, including Thailand. At least a quick google told me that. That's inconvenient of course, you have to wait for the check, the mail service is unreliable here, then you have to deposit the US dollar check in a Thai bank which may take weeks to clear, etc. But better than nothing.

[TommoPhysicist]

Most western countries write off unsecured debt and associated judgments against after 6 years (7 in Australia).

Two things to remember,

1) never agree to voluntary agreements to pay off, as turns unsecured debt into secured debt which isn't written off.

2) never answer any contacts about the debts from the debt owner as answering will reset the clock.

So the question arises, how long since your last contact with debt owner and when will you need access to US bank again?

You can also throw off the court finding bank accounts by opening new accounts using your middle name, ditching your first name, completely legal by the way.

[mikekim1219]

Most western countries write off unsecured debt and associated judgments against after 6 years (7 in Australia).

Two things to remember,

1) never agree to voluntary agreements to pay off, as turns unsecured debt into secured debt which isn't written off.

2) never answer any contacts about the debts from the debt owner as answering will reset the clock.

So the question arises, how long since your last contact with debt owner and when will you need access to US bank again?

You can also throw off the court finding bank accounts by opening new accounts using your middle name, ditching your first name, completely legal by the way.

It has been about 5 years since I last found out. I have been out of country 12 years. I will be eligible for SS in 8 years. I can take out IRA in 4 years without paying early withdrawal penalty. I guess I will need account when I need to transfer those funds to Thailand. I am not quite sure the clearing bank process. Is this set up by SS or by me?

[rodentwarrior]

You could actually pay the debt off! Since you applied for the credit and then spent it.

Maybe I am old fashioned in this respect.

[Soutpeel]

You could actually pay the debt off! Since you applied for the credit and then spent it.

Maybe I am old fashioned in this respect.

Well my original comment was going to be if the judgement didnt affect his SS payment it should... then I decided against making comments like that..

[Jingthing]

You could actually pay the debt off! Since you applied for the credit and then spent it.

Maybe I am old fashioned in this respect.

You're old fashioned!

It would be a radical thing but how many months would you need to live in the US to get residency started again, and then file for bankruptcy? It might be a fun little "bankruptcy" vacation.

It definitely WOULD be useful for you to have at least one U.S. based bank account.

[beano2274]

Would have thought that the Statute of Limitations would be in effect.

[Jingthing]

Would have thought that the Statute of Limitation would be in effect.

Good thought, but I would think not. He has already had a judgment on his case. I reckon that stays in effect for life, wouldn't it? A limitation would be on getting a judgment for a past thing.

[beano2274]

Check this out

http://www.carreonandassociates.com/articles/statute.htm

[Jingthing]

Check this out

http://www.carreonan...les/statute.htm

I stand corrected.

[TommoPhysicist]

@OP

Which state was the judgment made?

[beano2274]

Check this out

http://www.carreonan...les/statute.htm

I stand corrected.

Actually I would not know as never read the article. Just a quick google

[rodentwarrior]

Would have thought that the Statute of Limitations would be in effect.

The statute of limitations doesn't apply to a Court Judgement.

[TommoPhysicist]

Would have thought that the Statute of Limitations would be in effect.

The statute of limitations doesn't apply to a Court Judgement.

Court Judgments are subject to limitations, according to Beano's link.

[beano2274]

A court judgement gives them the rights, but the amount must be collected within a certain time, if not then, as far as I can read and understand, they can go for a further judgement in the issue or can drop everything, depends on costs.

If the judgement goes against you they can collect it from salaries or even bank accounts.

I would think that it all depends on the amount owed, if they continue to seek you out or not.

[Jingthing]

Sounds like the OP needs more specific legal advice. Time to call 1-800-SHYSTER

[mikekim1219]

You could actually pay the debt off! Since you applied for the credit and then spent it.

Maybe I am old fashioned in this respect.

Normally I would have paid off and I did partially. The problem was my ex ran up the bill while we are separated but not legally divorced yet. I was in China while she used the CC and didn't bother to let me know. Needless to say I was shocked and dismayed when I found out. By the time I found out it was in the court. Yea I know I shouldn't have let her keep the CC. Live and learn

[mikekim1219]

You could actually pay the debt off! Since you applied for the credit and then spent it.

Maybe I am old fashioned in this respect.

You're old fashioned!

It would be a radical thing but how many months would you need to live in the US to get residency started again, and then file for bankruptcy? It might be a fun little "bankruptcy" vacation.

It definitely WOULD be useful for you to have at least one U.S. based bank account.

You could actually pay the debt off! Since you applied for the credit and then spent it.

Maybe I am old fashioned in this respect.

You're old fashioned!

It would be a radical thing but how many months would you need to live in the US to get residency started again, and then file for bankruptcy? It might be a fun little "bankruptcy" vacation.

It definitely WOULD be useful for you to have at least one U.S. based bank account.

Originally, I planned to settle the whole thing. My lawyer advised otherwise since I don't plan to live in USA. His advice was I can always settle it if I ever decide to return. I assumed he wasn't too fond of creditors

[mikekim1219]

@OP

Which state was the judgment made?

New Jersey. By the way the statue of limitation is 20 years in NJ. I only have 13 or 14 years to go !!

[mikekim1219]

Would have thought that the Statute of Limitations would be in effect.

The statute of limitations doesn't apply to a Court Judgement.

My lawyer told me it was 20 years and asked me when I plan to return. My response: never his response: then forget it and enjoy your life!

[mikekim1219]

Sounds like the OP needs more specific legal advice. Time to call 1-800-SHYSTER

Yea, I need specific advice. How can I receive my IRA and SS when time comes?

[CWMcMurray]

Any issues with renewing your passport?

I remember that if child support is owed, they will not renew, but not sure about judgements for other types of debts

[sandgroper2]

We all pay extra in credit card interest to cover defaulters. Thanks mate. Pay your way.

[Jingthing]

Sounds like the OP needs more specific legal advice. Time to call 1-800-SHYSTER

Yea, I need specific advice. How can I receive my IRA and SS when time comes?

I mentioned what I think is an option for your SS. For IRA, do you have a U.S. address on record with your IRA firm? Maybe it's a friend or relative. You could have them send the checks there and then the friend or relative can send to Thailand, then you can negotiated the US dollar check in Thailand. It sounds like you won't have a US bank account again, so to me the answer seems obvious ... CHECKS.

I am actually curious. Does the brokerage holding your IRA know you live abroad or do you use a US address?

[mikekim1219]

Any issues with renewing your passport?

I remember that if child support is owed, they will not renew, but not sure about judgements for other types of debts

Renewed last year. No problem. I don't have any child support

[mikekim1219]

Sounds like the OP needs more specific legal advice. Time to call 1-800-SHYSTER

Yea, I need specific advice. How can I receive my IRA and SS when time comes?

I mentioned what I think is an option for your SS. For IRA, do you have a U.S. address on record with your IRA firm? Maybe it's a friend or relative. You could have them send the checks there and then the friend or relative can send to Thailand, then you can negotiated the US dollar check in Thailand. It sounds like you won't have a US bank account again, so to me the answer seems obvious ... CHECKS.

I am actually curious. Does the brokerage holding your IRA know you live abroad or do you use a US address?

Can checks be cleared in Thailand? I don't have any address in USA. The brokage is aware I am in Asia... One option I was thinking was have the check deposited in somebody else's bank and have them transfer to me...

[TommoPhysicist]

Can checks be cleared in Thailand?

Yes, it takes about 4-6 weeks

[BigJohnnyBKK]

In the US at least:

Clock doesn't restart from contact, only from the last time any payment was made.

After the SOL period has passed, they have no further recourse and in fact there are heavy fines for them trying to collect.

Absolutely no need to declare bankruptcy if you are returning stateside until after the SOL has passed, your credit record will by then be a blank slate. Which of course isn't great, but at least you won't have to answer the question "have you ever declared bankruptcy" which is more and more common these days.

Not commenting on the morality of it as it's none of my business you're a big boy. . .

[kcore]

Sounds like the OP needs more specific legal advice. Time to call 1-800-SHYSTER

Yea, I need specific advice. How can I receive my IRA and SS when time comes?

Why not open a bank account here with Bangkok bank and then have your Ira and Ss checks deposited into the new York branch.....money clears in 1 day.