Colombia Forum

jooks
Joined 2019
Posts: 293

5 years ago

Lifestyle on a limited budget, II

5 years ago

cccmedia wrote:
You seem terribly rushed. When you post again, you might explain why you are in a hasty mode. It might be putting you in a mentally-scattered state.
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I'm sort of glad you asked, thank you. And you are correct about being "mentally-scattered." I’ll preface this with an apology to the community for my narcissistic concerns. This is completely embarrassing. I have intentionally held back in my rash of recent posts for that reason. However, I suppose that full disclosure is in order if I am going to get the help I need. I feel rushed to relocate as I will explain. As a result, I may not be taking everything into consideration.

Relocating to Colombia is not a rash decision and has been in the back of my mind for a number of years. Not to rehash what I stated earlier, but I have visited a number of areas in Colombia and have grown fond of the country. I completely understand that living and visiting Colombia are two different things and that I may not be happy living in the country. However, I feel compelled to try, scary as that is – scary because of all the uncertainties, not knowing the language well and not knowing anyone.

My financial situation over the past 10 years has deteriorated. I’m only getting deeper into debt. The only answer is to drastically change my living situation. It’s been difficult for me to face reality and I have sort of buried and rationalized the hopelessness of my situation. I am a professional and am accustomed to earning an above average salary and living well. The loss of my business and as a result, my savings, was the beginning of bad times. Jobs have come and gone since I lost my business for various reasons, much of it due to the industry I’m in. At 67 and being behind the eight ball with technology, I find it nearly impossible to get a job that’s going to pay the bills, let alone allow me to save.

My present situation is ugly. I’m deep in debt. I managed to put a hefty amount into the bank recently as a result of a bank loan. My thought process, which was not entirely irrational, was that it would allow me to pay my expenses while I looked for work. And then it seemed to hit me like a bolt of lightning… things are not going to improve, and I need to make a radical change while I still have money in the bank. Hence, the rush. I also have some help from a relative, the one person who knows my situation. Up until now that is.

I need to wait 6 months to file for bankruptcy, well, 5 months now. Otherwise, I will lose all my savings since the court will take my money to pay off the recent bank loan. After 6 months, they can't touch my assets. I also have a government loan which cannot be discharged in bankruptcy court. I am leaning towards following the suggestion of a lawyer I recently spoke with – stop paying my debt and file bankruptcy after 6 months. Since I have liquidated my assets, there is nothing my creditors will gain by a lawsuit other than attaching my bank account. However, it would take 6 months for creditors to get wind of my ill intentions and get judgments against me. I am up to date with everything now. Of course, the same applies if I stay in the US, but I cannot afford to live in the US on social security.

I want to talk to a Colombian lawyer mostly to find out about opening a bank account and if creditors can attach my account in Colombia. It is my understanding, that I can open a bank account in Colombia after 6 months. It seems unlikely that my creditors can come after a Colombian bank account or will even bother, but I need a definite answer.

Based on responses here and elsewhere, it seems I can get by in Colombia a lot better than in the US on SS and live in a nice environment. I don’t expect to have the same standard of living that I have now, but it beats the alternative. That is, assuming I am not saddled by paying off debt.

Thanks for everyone’s help in previous posts and I apologize profusely for imposing on the community with this very personal problem.

William Russell

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William Russell

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William Russell

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William Russell

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