bankruptcy
Is it correct that foreign debts declared in a US bankruptcy are still enforceable in their country of origin, but can&#39;t be collected in the US?
<p>I know that all debts, including foreign debts, have to be declared when filing for bankruptcy in the US.</p>
<p>I am wondering what effect this has on foreign debts. My thinking is that it doesn't 'cancel' them, and they will still be valid in the country of origin, but they won't be able to be sued for or collected in the US.</p>
<p>Is this correct?</p>

<p>There isn't one answer. Each country has to decide under its own domestic laws what effect to give to a U.S. bankruptcy court judgment.</p>
<p>Many countries in the world will give full legal effect to a dispute between private parties over money or property resolved by any court that has what the court asked to honor the foreign court order determines to be a legitimate basis for jurisdiction over the parties and/or the property in question. But if they don't, there is little that U.S. authorities can do about it in most cases.</p>
