Does Bankruptcy in a Foreign Country Impact My Credit?
The answer to this query isn’t black and white, given its dependence on various factors. However, assuming that declaring bankruptcy in one nation won’t influence your status in another is far-fetched in our increasingly interconnected world.
- Can credit reporting agencies conduct international credit checks?
This is possible if the credit reporting agency has operations in both countries involved.
- Will it prevent us from obtaining a mortgage in Canada?
The outcome depends on your unique circumstances.
- Will the other country engage a Canadian debt collection agency to recover any potential assets on their behalf?
This hinges on the existence of a mutual agreement between the two nations involved.
- Is it necessary to attend court proceedings for bankruptcy, or can we handle all the administration from Canada?
The bankruptcy filing procedure must comply with the laws of the country where the bankruptcy is being filed.
- What is the duration of the Bankruptcy process?
The timeline is dictated by the laws of the country where bankruptcy is declared. Additionally, Canadian law must acknowledge the other country’s laws.
- If bankruptcy occurs, will they stake a future claim on property in Canada?
This answer mirrors the previous one (answer 5).
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