Is bankruptcy the best solution?

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I am an Australian citizen living in the US, and have a 30,000 debt/bank loan in Australia, that I am trying to pay off every month - $500. I earn about 35,000US a year, which after tax etc... is not all that much. I also have a car loan, insurance, utilities and rent payments etc here. I end up with about 200 in disposable income a month, which is almost impossible to live off. I have tried to get a loan to transfer my debt from Australia to the US, in the hopes of lowering my payments/interest rate, but as i have alimited credit rating here this is basically impossible. I am considering filing for bankruptcy in Australia, but was wondering if anyone know the process and/or if this is possible, or if there are better solutions available. Debt management companies in australia won't help because i live here, and debt management companies here won't help because it's a foreign debt!

Is bankruptcy the best solution?

Filing bankruptcy here in the US won't help you at all. Your problem is the debt in Australia and that debt won't be discharged.

To really solve your problem, you need to increase your income and decrease spending. Consider getting a second job.

Set down and make a strict budget. Eliminate all the extras -- eating out, magazines/newspapers, cell phone, premium cable TV, high speed internet, etc.

Is bankruptcy the best solution?

You are between a rock and a hard place, I don't recommend bankruptcy to anyone try your best to straighten it out, If not Its going to be very difficult to file here , hope this helps

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Is bankruptcy the best solution?

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