Monday, July 18, 2011

Can claiming bankruptcy in the US effect my credit in Canada?

My wife and I bought a house in the US in 2008. I returned to Canada in '09 and have worthwhile employment and have no intention on returning to the States in the near future. We have been renting our house for 60% of the mortgage payment and are living our lives on a tight budget. My wife lost her job in the States and collected unemployment benefits to which she was found to be claiming falsely and return paid benefits as well as 30% in fees and penalties. We cannot sell our house for what we owe and we cannot afford to pay back the unemployment. Question being, if we claim bankruptcy in the US(shes a US citizen, I am Canadian) would it effect our Canadian credit? Basically limiting us from owning a home here for 7 years or so.We have been working on her residency paperwork and might think bankruptcy may be reasonable after the fact it is to be granted. Thank You for insightful comments

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