Can you file for bankruptcy in a country such as Australia when you no longer reside there?

I moved to the US 4 years ago, and have not been back since. I have just recently (this week) been contacted by a debt collection agency demanding full payment in 30 days on a debt from 2004 for which would be impossible to pay. The debt in question was a $25,000 credit card bill that has accrued interest to an outstanding amount of $50,752. I would struggle to pay $50 a week let alone the $50,000 in question.

I do own a small town home that has no equity here in the United States. My family lives on my single income to support my wife and children. I could not afford for them to have the debt transferred to the USA and have my wages garnished or have my property have a lien placed on it.

What are my options for filing bankruptcy? Can I do this from the US; can I retain my home here for my family if I do so?

Any help would be better than making more bad decisions.

Thank you

B

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About Melanie Mathis

Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of NHBS, Inc such as their continuous effort in giving out Free Credit Repair and Building Ebook. Connect with Melanie Mathis on Google+

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