My situation is a little unusual, so I will ask for some more
specific advice (which I recognize is not binding and I would not
rely on it at law etc).
In 2001, I sold a business (my own) to someone, and entered an
agreement to work for him for 5 years as part of the sale. 3 years
later, at the end of 2004, I decided to leave Australia and move to
live in the USA, where I am now located. Things did not work out here
as well as I would have liked, and I had to go back to a training
position (on low income) for 3 years to get my qualifications
recognized. That time will be up in 4 months or so. At the end of
2006, the person I sold my business to took legal action against me
in Australia, and since I could not defend the action, obtained a
verdict against me to the tune of $350K (Business sale $400K) which
with interest has now risen to well over $400K. I received
notification of the outcome after the event, and whilst it would not
have mattered anyway, as I could not have afforded to go back for the
case, or hired a lawyer, it did create a problem. He has now had the
debt registered here in the US. I am not sure whether this debt is
enforceable here, because it is a foreign debt, and as far as I know,
there is no extradition for civil matters. I cannot possibly pay the
amount, and was planning on offering him a settlement (probably of
the order of 10%) once I had completed this training, on the basis
that I have no intention of working again in Australia (I am now 60
years of age), and this would allow me to at least visit there again.
On the other hand, if I were to return to Australia, and go bankrupt
there, I would have no income and no means of being able to earn
anything. I understand (from reading your site) that overseas travel
is OK, but moving back to live overseas may be different. Also, if I
spend more than a year out of the US, I lose my permanent resident
status (greencard) and then cannot return. On the other hand, if the
debt is enforceable here, then I could end up having to go bankrupt
here - which would be unreasonable as we have no debts here and would
then be screwed in both countries!!
specific advice (which I recognize is not binding and I would not
rely on it at law etc).
In 2001, I sold a business (my own) to someone, and entered an
agreement to work for him for 5 years as part of the sale. 3 years
later, at the end of 2004, I decided to leave Australia and move to
live in the USA, where I am now located. Things did not work out here
as well as I would have liked, and I had to go back to a training
position (on low income) for 3 years to get my qualifications
recognized. That time will be up in 4 months or so. At the end of
2006, the person I sold my business to took legal action against me
in Australia, and since I could not defend the action, obtained a
verdict against me to the tune of $350K (Business sale $400K) which
with interest has now risen to well over $400K. I received
notification of the outcome after the event, and whilst it would not
have mattered anyway, as I could not have afforded to go back for the
case, or hired a lawyer, it did create a problem. He has now had the
debt registered here in the US. I am not sure whether this debt is
enforceable here, because it is a foreign debt, and as far as I know,
there is no extradition for civil matters. I cannot possibly pay the
amount, and was planning on offering him a settlement (probably of
the order of 10%) once I had completed this training, on the basis
that I have no intention of working again in Australia (I am now 60
years of age), and this would allow me to at least visit there again.
On the other hand, if I were to return to Australia, and go bankrupt
there, I would have no income and no means of being able to earn
anything. I understand (from reading your site) that overseas travel
is OK, but moving back to live overseas may be different. Also, if I
spend more than a year out of the US, I lose my permanent resident
status (greencard) and then cannot return. On the other hand, if the
debt is enforceable here, then I could end up having to go bankrupt
here - which would be unreasonable as we have no debts here and would
then be screwed in both countries!!
