Submitted by dudeindebt1990 t3_z7fooh in personalfinance
theoriginalharbinger t1_iy6e9d6 wrote
First, ignore what /u/Vanathor said. "Open a bank account in another country" is the kind of spectacularly bad advice that will cause all kinds of difficulties for you. Starting with fundamentals, like "You won't be able to buy anything online that ships to the US quickly" and "You'll eat gigantic sums in currency exchange going both directions" and "Other countries have laws, same as us, and generally require some kind of reason to open an account within their borders."
Second, name your state. Texas is not California is not Maryland. Different states permit creditors to do different things.
Third, your bank isn't subject to your lawsuit.
Fourth, the reason I haven't answered your question is because nobody can. Decisions as to when to sue a debtor and when to obtain a writ of garnishment are heavily dependent on the nature of the debt, the amount, where an individual is working, the state, and how much the collector has on his plate. I've gone from lawsuit to garnishment for some of my debtors in under 5 weeks; others I've waited months on.
Supply the details and an answer might be on offer.
Vanathor t1_iy6hmy7 wrote
By his own admission, this man is a debt collector. Please don't take advice from someone in other circumstances would be the first to take his pound of flesh.
Assuming you are in a situation where significant assets are liable to get taken from you, it's a perfectly valid answer. Credit Suisse or UBS are pretty standard options. Offshore accounts: not just for the wealthy. Mind, again, this is assuming large enough sums that it is worth it (high five figures would be the minimum). Anything else and you're probably better off using cash and cashiers checks in the short term.
theoriginalharbinger t1_iy6ij5e wrote
Ha, buddy. I'm a landlord, not a debt collector, and thus only sue people who owe me (a first party collector, in the lingo). And I have non US accounts. You are absolutely talking out of your nether regions with this advice.
And if OP followed your advice in a variety of states, he'd end up getting his employer in trouble, not to mention himself because you still have to have money residing in a US account before it gets transferred overseas. If he has high 5 figures of debt, then he will get nailed to the wall in any supplemental earing where he's hiding assets. If he has less than that, your advice boils down to "Make your life significantly less convenient and expensive to dodge debt collectors"
Vanathor t1_iy6jmcz wrote
Per his post, he lives in a state where his wages are not directly subject to garnishment or collections. His employer wouldn't be subject to that as a party as a result. So long as it never touches a US account as a receiving party in the first place outside of his employer he is in the clear. Other consequences would exist - his credit score would take a hit, etc. Not giving up significant amounts of money often can be the better option.
theoriginalharbinger t1_iy6k8ub wrote
You keep talking about things you don't know about.
If he has currency, it has to be entered into a US bank before it goes overseas. If he resides in a state with a creditors right to levy his account, it can be levied. If he lies about its existence, he can be held for contempt.
There's a reason wealthy people on the verge of bankruptcy don't just move to Texas and move their money overseas. It's because the motion you've described fundamentally puts on society's fringes, makes dealing with everything inconvenient, and can be construed as contempt of court or criminal behavior.
You literally do not know what you're talking about. Non US accounts require a non US nexus anyway. And considering you went bankrupt recently, I have my doubts that you've opened an overseas account or have any knowledge of the reporting requirements or overseas assets vis a vis debt collection.
Vanathor t1_iy6kvfz wrote
The power of the government in a bankruptcy situation is pretty different from a private debt collector trying to execute a judgment. People run from their creditors all the time. You act like this is a novel situation. It's not.
theoriginalharbinger t1_iy6lxyx wrote
Dude, just let it go. Advising people to open up bank accounts overseas when it's obvious you have no experience in the matter is a dumb move, and you have no reason to compound that error here.
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