I lost my job last year, and I was on an H1B visa. I’ve been using my savings to pay off my credit cards and loans, but now my savings are all gone. I signed up for a debt management plan a few months back, and my lenders lowered the interest rates. But now, I can’t pay for October because I’m out of money. My accounts were current up until the end of September 2024. I’m still searching for a job, but it’s tough. My H1B is expired now, so I’m not sure what to do. Anyone been through this?
Sorry you’re dealing with this. Are you outside the US now? If you’re not planning to return soon, the lenders might not be able to sue you if enough time passes. Have you looked into the statute of limitations for your case?
@Mai
Yeah, I’m outside the US right now. Didn’t know about the statute of limitations… what does that mean exactly?
Sky said:
@Mai
Yeah, I’m outside the US right now. Didn’t know about the statute of limitations… what does that mean exactly?
It’s the time lenders have to sue you for debt. Once it expires, they’re out of luck legally. But it depends on state laws, so it’s worth checking!
Sky said:
@Mai
Yeah, I’m outside the US right now. Didn’t know about the statute of limitations… what does that mean exactly?
Yeah, it varies a lot. Some places have shorter periods than others. Just be sure you’re clear on the rules where you lived.
I went through something similar after losing my job. Have you considered consulting a lawyer? Some might work with you remotely even if you’re outside the US.
WritWrangler1 said:
I went through something similar after losing my job. Have you considered consulting a lawyer? Some might work with you remotely even if you’re outside the US.
That’s a good idea, but I don’t have the cash to pay a lawyer right now. Are there any low-cost options for this?
@Sky
Some lawyers offer free consultations! You might get a quick rundown of options without committing to anything pricey.
@Sky
Another option is checking legal aid services. Some do low-cost work for financial cases like this.
Might be a long shot, but does anyone know if unpaid debt could affect future visa applications?
Tavi said:
Might be a long shot, but does anyone know if unpaid debt could affect future visa applications?
From what I’ve seen, unpaid debt by itself doesn’t usually impact visas, but bankruptcies might show up. You might want to ask an immigration lawyer to be sure.
@Brooke
Thanks, I didn’t even think of that. I might start a new thread to get more details.
@Brooke
Probably a good move. Immigration lawyers would have the best info on that side of things.
For the debt management plan, did they tell you what happens if you miss payments? I know some plans cancel out if payments stop.
Raven said:
For the debt management plan, did they tell you what happens if you miss payments? I know some plans cancel out if payments stop.
Yeah, they said it would basically reset if I miss payments, so I lose the reduced interest rates. Just not sure if it’s worth it anymore…
@Sky
Might be better to pause it if you can and then see if you can get back on track later?
@Sky
Some plans allow temporary holds, but you’d have to ask. Might help you get through until something changes with work.
Does this affect your wife at all? If she has any business in her name, would this create issues?
Zen said:
Does this affect your wife at all? If she has any business in her name, would this create issues?
Good question. She owns a C-corp, but I think her business is separate from my debts. Hope so, anyway.
@Sky
Her business should be safe unless her name is on your debts directly. Still, double-check to be sure.