Impact of bankruptcy on credit rating overseas

June 5th, 2009 by Questions

Hi,

My family and I relocated to Canada a few years ago for a change of lifestyle… and a better life. The irony is that we have basically spent what money we had on relocating and establishing our new lives, and have been unsuccessful in generating the income levels we previously had. We have $70,000 equity in our home, which we are trying to sell, but this will just about cover our debts IF we can sell it and get close to the asking price. My question is this: if we are unsuccessful in selling our house and elect to declare ourselves bankrupt, what happens to our credit history if we return overseas to our country of origin?

Posted from: New Brunswick

Questions

One Response to “Impact of bankruptcy on credit rating overseas”



, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Typically a credit rating is country specific. So the filing of a bankruptcy in one country doesn’t impact the other countries rating. However, there is nothing preventing people checking your credit rating in both countries, and if this is done your Canadian rating may indirectly have an impact.

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