have huge student loans (near the legal limit) but a modest salary. Personal bankruptcy may be unavoidable. What are my options?
First of all, how does bankruptcy work in international situations? I am an American citizen but work here in Taiwan. American bankruptcy laws vary with each U.S. state, and as far as I can tell, there’s no way to do it from overseas. (American courts do not set up shop here, and judgments by Taiwan courts would not be binding on anybody back home.) I imagine I would have to return home to file–but how do I determine what state I am a resident of?
Is there any practical way for American creditors to go after my savings here? (I’m guessing not at the present, but it may become easier with time and tighter banking controls due to terrorism.)
Most important, the student loan issue. What’s the rule now on discharging them? Is it “after seven years” or “after seven years, if you can prove hardship to the judge’s satisfaction”? Or does it vary by state, or what?
Thanks to anybody who can help.