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If you consider both scenarios, it appears as though the best decision would be to transfer the credit card accounts and make an effort to continue to pay on the debt. It is sometimes more difficult to obtain mortgages and other lines of credit if you do not have a credit score at all, and can be worse than having bad credit. However, whether you have a good or bad credit score in most countries, does not mean you will have the same good or bad credit score in the U.S. if you are able to transfer accounts or and payment histories or easily begin establishing a credit history if you have a card when you get here. It is much easier to establish credit history in the U.S. Many credit card issuers, such as American Express, will issue you a U.S. Your credit score in Singapore is not transferrable. Of course, you still have the option to make payments on your debt after moving, even if the bank does not have a relationship with the country you are moving to. Most banks have relationships and branches in other countries and you will not only be allowed to transfer the debt, but also transfer your credit history. If you are moving from Singapore, it’s very likely that many of the debts you have are transferable. Scenario #2: You Leave Singapore and Take Your Debt With You Consider whether it’s likely that you will never, for the rest of your life, be in Singapore again. If you are ever offered a job, you won’t be able to take it. If you have family there who co-signed or are guarantors, they may be held responsible for your debt. Maybe you aren’t planning on ever returning to Singapore and you don’t care about being declared bankrupt. It isn’t altogether clear what may actually happen to you upon entering and leaving the country if you have bad debt you have left behind either. So, in this respect, if you leave Singapore without paying your debt and are declared bankrupt, plan on a rocky road if you ever try to live there again.
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You may also lose your job and it will certainly make things difficult when trying to find a job. In fact, if you even try to take vacation, you will need the OA’s permission or you can be fined up to $10,000 and/or jailed for up to 2 years. In fact, the any property can basically be seized including future property that the bankrupt person may come into possession in the future. The Official Assignee then seizes your belongings which in Singapore can include, property, tools of your trade, property held in trust for someone else, and even clothing and furniture. The problem however isn’t just being declared bankrupt. If the amount owed to all of your creditors (including credit cards and car loans) is at least $10,000, you can be made bankrupt in Singapore. For instance, in Singapore, you can be “made” bankrupt by a creditor, while in the U.S., although it seems like you are being forced into bankruptcy, you still have to make the decision to file for bankruptcy. Bankrupt in Singapore, is a bit different than bankrupt in the U.S. But in the event you decide you’re going to leave your debt unpaid and never look back, you may find yourself in bankruptcy (in Singapore). Scenario #1: You Leave Singapore Without Paying Your Debt and You Never Look Backįor expats of Singapore, it would seem unlikely to leave the country and never return again. Unlike many other countries, Singapore has more stringent laws with regards to debt and bankruptcy which complicates matter for those looking leave the country with debt. It has also come with problems like housing inflation and more recently, expats who rack up credit card debt, get laid off and cannot pay it off. Today, we will try to address this issue with regards to Singapore.įor the last few years, the Singapore economy has been booming, fueled by increased immigration, low tax rates and a very economic friendly environment.
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Most of these questions come from expats who work at very international cities. Within each region, no single country may receive more than 7% of the available Green Cards in any one year.As mentioned in previous posts, one of the more frequent question we get asked is what happens to credit card debt when one leaves a country? Will they be able to return and get a job again. In addition, Green Cards granted through the Green Card Lottery are distributed among six geographic regions. If fewer than 50,000 natives of a country immigrated to the United States during the previous five years, that country will be listed by the US State Department on a list of countries whose natives are eligible to participate in the American Green Card Lottery for that DV-year (assuming that they also meet the education or work experience requirements). Countries whose natives are eligible to participate in the American Green Card Lottery (DV-Lottery) are listed each year by the US State Department.