As an American immigrant, what should I do if I go bankrupt?

If you are an American immigrant, bankruptcy may pose a greater threat to your financial bottom line: it may affect how long you can live.

Legal residents-including foreign residents or legal permanent residents-enjoy the same protection as American citizens in the federal bankruptcy law. As long as legal residents meet at least one standard, they are eligible to file for bankruptcy and get debt relief:

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2. own your own house, business or other property in the United States.

However, before filing for bankruptcy as a foreign resident, there are still some things to consider. If you are applying to become an American citizen and file for bankruptcy at the same time, this may complicate things. This does not necessarily mean that you will have difficulty in approving naturalization, but it does not rule out the possibility. Before deciding to apply for bankruptcy protection, it is best to consult immigration lawyers and bankruptcy lawyers.

If you are a foreign resident, you can apply for bankruptcy as long as you have a social security number or personal tax identification number (ITIN or tin) issued by the tax bureau. There are some legal foreign residents working in the United States. Most or all of them work in the calendar year and use TIN provided by the Immigration Department and the Social Welfare Department.

But please remember that the social security number or telephone number you use to file for bankruptcy must be legally obtained. Foreign residents can get social security numbers through legal visas, just like tourists or students. Equally important, the bankruptcy application will become public records, so if you enter the country illegally, it may be a bit bad.

Although residents living in the United States can illegally apply for bankruptcy protection, doing so will expose them to charges ranging from illegal immigration to tax evasion. In addition, if a legal foreign resident or illegal resident has a felony or criminal record, he or she may be deported.

In addition to the bankruptcy of foreign residents, American bankruptcy law stipulates that foreign companies can apply for bankruptcy protection. In order to meet the requirements, foreign companies must be registered in the United States or have business or assets in the United States.

Once bankruptcy is established, the company can apply for Chapter 1 1 of the Bankruptcy Law, which is particularly attractive compared with bankruptcy in other countries. In the United States, companies applying for bankruptcy protection can be protected from creditors who may want to seize property or sue debts. It also allows enterprises to reorganize and continue to operate.