crossing the border
I owe approximately $25,000 in credit card, taxes and misc other debts/bills. At least 70% of that has accrued over the last year, when i lost my $52,000 a year job and had to take a $24,000 per year job which barely pays my rent and car payments, and habitually leaves me $400 short per month on basic living expenses (trust me, i have cut out ALL frills) and therefore i can pay off my credit card bills.
A credit counsellor suggested i file for bankruptcy. As a last resort, i will do that if i have to, but i am planning to move to the U.S. in 2 months to take on a new job. Will the bankruptcy make my move harder? Will it limit my ability to leave the country? Will it affect my visa or make it harder to get credit in the U.S.?
I have been told that even when my credit rating was excellent, it would not be taken into consideration when i moved to the U.S.
Is the same true of my now horrible credit rating?
Just as a positive credit rating would not be taken into consideration when moving across the border, neither will a negative one or the filing of a bankruptcy. However, during bankruptcy you are not allowed to have any credit cards and all existing credit cards must be turned over to your trustee. You will also find that it can be more difficult to obtain a credit card after bankruptcy. Now whether you will find the same level of difficulty getting credit in the US is hard to say, the key thing that you must keep in mind is that Equifax is a multi-national corporation and serve both the US and Canada, which suggests they can very easily access information pertaining to either side of the boarder.