Legal Question in Credit and Debt Law in New York

Default Loan

Hi!

I am an international student in usa, in NY state and my question is this: What happens if i manage a way to get a personal loan of the amount lets say of 500,000 dollars and after making a few months payments decide to leave the us and return back to my country in the EU, with the intention to get there a job in a bank. What are the legal consequences if i never come back to the USA?I understand i could never work there again and hurt my credit but could i return lets say for vacation?Can i have a normal life in the rest of the world as long as i do not file tax payments to the USA?

My question might sound unethical but i have heard so many people doing it and i really like to know if this is true.


Asked on 1/23/08, 7:32 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Default Loan

Not only is it unethical, it may be criminal.

Even if you never come back to the US, under the Hague Conference on Private International Law, the banking institution can commence a lawsuit against you in the EU seeking restitution. This certainly will damage your ability to get a job in a bank.

Mike.

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Answered on 1/23/08, 8:03 pm


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