US Debt - DR Condo

[Dawn Treader]

I'm a US citizen. I've had legal residency in the DR for 15 years. I own an apartment in a condominium complex free and clear.

I'm 72 years old and have recently developed some minor health problems which do not appear to be life threatening.

I am collecting US Social Security retirement benefits.

I have US credit card debt that exceeds the value of my apartment.

Four months ago my other source of income collapsed and I am working to develop alternative sources of income since I am unable to make debt payments.

Do US banks have the right to seize my apartment through the DR legal process?

 

[SKY]

No.........................

 

[chico bill]

I'm a US citizen. I've had legal residency in the DR for 15 years. I own an apartment in a condominium complex free and clear.

I'm 72 years old and have recently developed some minor health problems which do not appear to be life threatening.

I am collecting US Social Security retirement benefits.

I have US credit card debt that exceeds the value of my apartment.

Four months ago my other source of income collapsed and I am working to develop alternative sources of income since I am unable to make debt payments.

Do US banks have the right to seize my apartment through the DR legal process?

15 years here ? You should know this by now. This is the first post you have made DR1 ?
Sorry for your illness and debt issues but maybe you need professional advice on bankruptcy and asset protections. There is a possibility your social security can be garnished for failure to pay federally backed loans or taxes

 

[AlterEgo]

This is the Legal Forum.

Unless you are an attorney, please wait for Sr Guzmán to reply.

 

[johne]

I'm a US citizen. I've had legal residency in the DR for 15 years. I own an apartment in a condominium complex free and clear.

I'm 72 years old and have recently developed some minor health problems which do not appear to be life threatening.

I am collecting US Social Security retirement benefits.

I have US credit card debt that exceeds the value of my apartment.

Four months ago my other source of income collapsed and I am working to develop alternative sources of income since I am unable to make debt payments.

Do US banks have the right to seize my apartment through the DR legal process?

Within the parameters of your question I agree that the arms of the US banks are not that long. But what are the other consequences of this "debt to US banks only"? I'm curious and would like to hear from others what those consequences might be.
Obviously you used those cards to maintain life in the DR for quite some time. Do you plan on making the cards whole or just walk from the debt? If you walk from the debt will there be credit given to you at a DR bank?
Credit or debit?
Are there any automatic withdrawals made against those cards that would be stopped?
Can you refinance the condo in the DR to raise immediat cash? Cash that either would pay off your US debt or us for living expenses?

I know none of the answers to any the questions I am asking here. I just think that the subject matter is interesting.

 

[playacaribe2]

This is the Legal Forum.

Unless you are an attorney, please wait for Sr Guzmán to reply.

This is a complicated fact pattern likely involving US Bankruptcy law...........so I am not sure Sr. Guzman would be helpful on this matter.


Respectfully,
Playacaribe2

 

[AlterEgo]

This is a complicated fact pattern likely involving US Bankruptcy law...........so I am not sure Sr. Guzman would be helpful on this matter.


Respectfully,
Playacaribe2

You’re probably right, but there’s a possibility his firm has experience with clients trying to protect DR assets.

Since you’re an attorney in the USA, what’s your take on this?

 

[playacaribe2]

You’re probably right, but there’s a possibility his firm has experience with clients trying to protect DR assets.

Since you’re an attorney in the USA, what’s your take on this?

First question is where does she currently reside.....US or DR?

If the DR property is her legal domicile, she may be able to protect some/all of it from creditors. If not, it is an asset reachable by creditors.

A US bankruptcy trustee reached out to me on a similar situation some years ago......but never pursued the asset in DR due to the costs to seize/sell it, the value of the property to be seized and the time necessary to accomplish same.

Lots of variables requiring a lot more information from the OP.


Respectfully,
Playacaribe2

 

[Dawn Treader]

First question is where does she currently reside.....US or DR?

If the DR property is her legal domicile, she may be able to protect some/all of it from creditors. If not, it is an asset reachable by creditors.

A US bankruptcy trustee reached out to me on a similar situation some years ago......but never pursued the asset in DR due to the costs to seize/sell it, the value of the property to be seized and the time necessary to accomplish same.

Lots of variables requiring a lot more information from the OP.


Respectfully,
Playacaribe2

I live full time in the DR and the condo is my legal domicile, I haven't set foot in the USA in almost six years and I have no assets in the US.

I have no lady parts. Dawn Treader is the name of a ship from the Tales of Narnia.

 

[bob saunders]

Your debt must be pretty large if you can't pay at least the minimum. At 72 I assume you have SS. Have you talked to the CC company. They can be reasonable.

 

[chico bill]

Your debt must be pretty large if you can't pay at least the minimum. At 72 I assume you have SS. Have you talked to the CC company. They can be reasonable.

They can be reasonable, but not if he's behind on the minimum.
They won't waste time getting involved with a condo in the DR, but they can get a summary default judgement in the US, even with him absent and could take action against him, by filing a criminal complaint and arrest him should return to the US. There is a possibility to have his passport revoked as well (unlikely) or a stop on a renewal.

Also the debt may be invalid based on which state he lived in based on age. More than likely if unpaid it will be sold to a collection agency, unless they know he's fled the US.

 

[playacaribe2]

I live full time in the DR and the condo is my legal domicile, I haven't set foot in the USA in almost six years and I have no assets in the US.

I have no lady parts. Dawn Treader is the name of a ship from the Tales of Narnia.

Forgive my misinterpretation of your screen name.

Do you have a US drivers license? Do you receive your US CC bills at a US address? You indicated you were working. prior...where? Did you file US taxes? If so, what address did you use? Do you have a US bank account.......what address did/do you use? Where does your SS check get direct deposited?

If you have no intention to go back, and you have no US assets then you might be fine doing nothing. However, if you do go back and your creditors have judgments against you, they may also have requested a capias (civil arrest warrant).

Also, what will be done with your condo upon your demise? Have you written a Last Will and Testament in the US....the DR? If in the US, then your probate estate may be responsible for paying those credit cards you are thinking of avoiding.

Lots and lots of other factors to consider beyond what can be written about in an internet forum.

Good luck.


Respectfully,
Playacaribe2

 

[irsav]

They can be reasonable, but not if he's behind on the minimum.
They won't waste time getting involved with a condo in the DR, but they can get a summary default judgement in the US, even with him absent and could take action against him, by filing a criminal complaint and arrest him should return to the US. There is a possibility to have his passport revoked as well (unlikely) or a stop on a renewal.

Also the debt may be invalid based on which state he lived in based on age. More than likely if unpaid it will be sold to a collection agency, unless they know he's fled the US.

I understand that as the first step to sue him, the bank must SERVE HIM IN PERSON. They won`t be able to do it as long as he is not in the USA at all. So I do not understand how the bank can move further without SERVING FIRST.

 

[playacaribe2]

I understand that as the first step to sue him, the bank must SERVE HIM IN PERSON. They won`t be able to do it as long as he is not in the USA at all. So I do not understand how the bank can move further without SERVING FIRST.

It is not necessary to serve him in person.

Service can be obtained at his last and usual address or service by publication. You do not need to serve in person. While it is preferable, it is not a must.

Respectfully,
Playacaribe2

 

[irsav]

It is not necessary to serve him in person.

Service can be obtained at his last and usual address or service by publication. You do not need to serve in person. While it is preferable, it is not a must.

Respectfully,
Playacaribe2

There is a possibility that the person died some place overseas and cannot be served for this reason. He had no close relatives. Will they sue a dead person?

 

[SKY]

Read Post #2. That is your answer. No bank or CC company is sending lawyers to the DR at great cost for a futile at best attempt to collect. It cost money, and there is enough debt in the US that they cannot collect..............

 

[chico bill]

Read Post #2. That is your answer. No bank or CC company is sending lawyers to the DR at great cost for a futile at best attempt to collect. It cost money, and there is enough debt in the US that they cannot collect..............

That's true, but no so true for a collection agency - They have means of making one's life miserable. Now it is not likely they will not come either, but if he owes as an example say $60K and they bought that debt then they have a big desire to collect - sending someone here (if they actually could skip trace him) to have a "chat" might be something that is not beneath them, and they most likely have Dominicans in their employ who would be wiling to come see if they could collect something.
Back in the US there are certain rules they must follow and you can get rulings against harassment.
I doubt even a collection agency will come after an old-age scofflaw in DR.

Personally I find it offensive someone would run on his own bills, because those credit card company's losses get passed on to more responsible people in the form of higher interest rates and fees. I am guessing it is between $50K & $60K since you say your debt exceeds the value of your apartment ? In any event - you obviously decided you would never pay at some point as the monthly debt was growing, and if fact you likely charged more recklessly - sounds like you have already decided to become a deadbeat.

 

[NanSanPedro]

That's true, but no so true for a collection agency - They have means of making one's life miserable. Now it is not likely they will not come either, but if he owes as an example say $60K and they bought that debt then they have a big desire to collect - sending someone here (if they actually could skip trace him) to have a "chat" might be something that is not beneath them, and they most likely have Dominicans in their employ who would be wiling to come see if they could collect something.
Back in the US there are certain rules they must follow and you can get rulings against harassment.
I doubt even a collection agency will come after an old-age scofflaw in DR.

Personally I find it offensive someone would run on his own bills, because those credit card company's losses get passed on to more responsible people in the form of higher interest rates and fees. I am guessing it is between $50K & $60K since you say your debt exceeds the value of your apartment ? In any event - you obviously decided you would never pay at some point as the monthly debt was growing, and if fact you likely charged more recklessly - sounds like you have already decided to become a deadbeat.

I didn't get the deadbeat part. He has cash flow problems now that he is working on. It appears to me that he is trying to resolve this but if he can't in the short term, he is concerned about forfeiture. I think it's early to judge.

 

[playacaribe2]

Read Post #2. That is your answer. No bank or CC company is sending lawyers to the DR at great cost for a futile at best attempt to collect. It cost money, and there is enough debt in the US that they cannot collect..............

The question from the OP was..........."Do US banks have the right to seize my apartment through the DR legal process?"

And the answer is.....yes, subject to any defenses one may have against seizure.

It has been done here involving both bank accounts and property.


Respectfully,
Playacaribe2

 

[SKY]

The question from the OP was..........."Do US banks have the right to seize my apartment through the DR legal process?"

And the answer is.....yes, subject to any defenses one may have against seizure.

It has been done here involving both bank accounts and property.


Respectfully,
Playacaribe2

Have any links confirming it was done in the DR?