[quote=briansd1][quote=bearishgurl]
Credit scores tie into one’s name and nationwide reputation and is the most valuable possession there is, IMO.[/quote]
Only if you need to borrow money.
If you’re a corporate entity, just start up a new one.
If you’re about to retire abroad, you could default on your debts and never come back. I know a guy who left the country rather than pay alimony to his wife.
I think that good health is the most valuable possession.[/quote]
brian, it’s true that if a person retires abroad, it would be difficult for persons in the US to collect debts off him/her WHILE they were abroad.
And good health IS the most valuable asset. I stand corrected – an excellent credit rating is the second most valuable asset to have.
I personally wouldn’t want to be in a position of not being able to return to the US. What if one of my family members suddenly became ill or died? What if a bench or other warrant for my arrest was at issue the next time I had to go thru customs that I was unaware of because I was out of the country and stupidly (or on purpose) didn’t show up at a mandatory debtor’s examination or contempt hearing for skipping out on alimony?? I wouldn’t want to be in a position of having to wonder if I might be picked up when attempting to enter customs for defaulting on my debts and failing to appear.
brian, your alimony-skipping friend would have BEEN MUCH BETTER OFF to make a lump-sum deal with his ex-spouse with real or personal property or even a promissory note with interest rather than be ordered to pay monthly alimony payments and then simply skip out on that order. His “skipping out” on this type of court order could be prove to be his future downfall and was a very dumb decision, IMO.
There are many people, like your friend, who can’t seem to ever solve their problems and even get themselves embroiled in new, intractible situations. This is ususally because they are suffering from a personality disorder. These types keep the legal community’s pockets contintually lined and the court dockets full.
