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im moving to singapore but i have some outstanding debts. will they chase me if i leave them unpaid. Also i have some shares but they are not worth selling yet, can they be transferred into someone elses name so the cant be taken as assets?
thank you
If you leave the country the statute of limitations on the debt will toll (suspend) until you return. I am not sure if transferring the stocks will protect them.
pay off the dues
Hi Scott,
If you have outstanding debts, you need to pay them, else you may get sued as a result. If the statute of limitations (SOL) has not expired yet, the creditor can sue you for the non payment of the debt. The judgment will then stay on your credit report for 7 years, and damage your credit score.
You can check the SOL of your state. If it has expired, you may not get sued. However, you can try to settle the debt amount with the creditors or the collection agency. With debt settlement, the outstanding amount to be paid, gets lowered.
Hope this helps.
Aaron this question is about the ramifications of leaving the U.S. and the debts. If you leave the country the SOL tolls or freezes. Any assets would be at risk. So if you come back in 20 years the debts could still be here to greet you.
It also depends on the US treaties with singapore. If you keep any assets in a bank with a US branch, that money could be seized. I am not sure how likely this is and the best answer would come from someone who is a trade expert on singapore.