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Bankruptcy and Sold Debt

I had this weird conversation with a creditor a few days back. I was telling him that I plan to declare bankruptcy and move out of the country (if he wasn`t prepared to negotiate the debt). He told me that the debt will follow me wherever I go because he will simply sell the debt to a collection agency in the country I go to. Is that possible or is he bluffing?

Posted from: Ontario

One Response to “Bankruptcy and Sold Debt”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you declare bankruptcy and live up to your obligations then you will receive a discharge. This will legally clear you of the debt (with a few exceptions: see debts that are not released by bankruptcy) and regardless where you go, no one has the right to collect on that debt.