I am an Australian citizen living in the US, and have a 30,000 debt/bank loan in Australia, that I am trying to pay off every month - $500. I earn about 35,000US a year, which after tax etc... is not all that much. I also have a car loan, insurance, utilities and rent payments etc here. I end up with about 200 in disposable income a month, which is almost impossible to live off. I have tried to get a loan to transfer my debt from Australia to the US, in the hopes of lowering my payments/interest rate, but as i have alimited credit rating here this is basically impossible. I am considering filing for bankruptcy in Australia, but was wondering if anyone know the process and/or if this is possible, or if there are better solutions available. Debt management companies in australia won't help because i live here, and debt management companies here won't help because it's a foreign debt!
2007-07-30 12:05:27 · 6 answers · asked by mstatl 2 in Business & Finance ➔ Credit
Filing bankruptcy here in the US won't help you at all. Your problem is the debt in Australia and that debt won't be discharged.
To really solve your problem, you need to increase your income and decrease spending. Consider getting a second job.
Set down and make a strict budget. Eliminate all the extras -- eating out, magazines/newspapers, cell phone, premium cable TV, high speed internet, etc.
2007-07-30 12:24:43 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
You have some special circumstances that require thinking outside the box.
One option is personal debt consolidation. Begin by sitting down with your spouse and looking at what you owe and what type of debt it is. Look at your credit cards. Determine what their interest rates are and what you owe on them. Begin to prioritize your debt by high interest to low interest. This is the first step.
The next step is to make a phone call to your local bank. Your personal bank will be very willing to help you regain financial control and offer you options to get you out of debt. Through personal debt consolidation with your local lender, you will be able to pay off all of your unsecured debt and make one monthly payment towards a debt consolidation loan.
At the same time you will want to be eliminating any unnecessary credit cards and lines of credit. This will help you credit report because there will be less available credit for you to go into debt with. Lenders will also be more willing to borrow you money if you require it during this repayment process.
2007-07-30 12:43:52 · answer #2 · answered by thormale 2 · 0⤊ 0⤋
No, bankruptcy is not ay all good. Try to clear the debts.
Consult with the debt consolidator for help. Reduce your bills and pay off the debts.
To know more you can visit
http://www.creditcardbiz.blogspot.com
2007-07-30 13:48:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
$500 a month is probably not even going to keep up with the interest on $30,000.
Bankrupcy is never a great solution, but it might be your only one. I'm not sure what someone in Australia can do to you if you don't pay but live in the US.
2007-07-30 12:25:38 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
You are between a rock and a hard place, I don't recommend bankruptcy to anyone try your best to straighten it out, If not Its going to be very difficult to file here , hope this helps
2007-07-30 12:11:25 · answer #5 · answered by JT B ford man 6 · 0⤊ 1⤋
bankruptcy should be the absolute last option.......... please consult with a knowledgeable financial advisor...
2007-07-30 12:15:09 · answer #6 · answered by gkltdd 4 · 0⤊ 0⤋