In This Issue - October 2009

Employment Options for Foreign Nationals

Credit Restoration After Bankruptcy


Employment Options for Foreign Nationals

For the past 19 years, I see clients on a regular basis who are looking for one simple thing, the ability to work in the United States. While that may seem simple to anyone looking to move to this country, the Immigration laws have complicated this process in the past several years, and anyone looking for this option should be well educated prior to selling off their home or assets abroad. The quickest way for someone to obtain a work visa is to have an employer sponsor them for a non-immigrant visa. The types of non-immigrant work visas are as follows:

● E-1 Treaty Trader who will travel to the U.S. to work for a U.S. entity that engages primarily in trade with the country from which the alien hails. The trader must originate from a country with which the U.S. has a current treaty for this activity.

● E-2 Treaty Investor who will invest in a U.S. entity and travel to the U.S. to engage in work with that entity. The investor must originate from a country with which the U.S. has a current treaty for this activity.

● H-1B A temporary worker who is employed in a specialized occupation that requires at least a Bachelor's Degree or the equivalent in years of experience. An employer must sponsor this type of visa which involves both the Department of Labor and the United States Citizenship & Immigration Service.

● H-2B A seasonal or peakload worker who is employed for a short time dependent on employer's need.

● H-3 A management trainee who travels to the U.S. for study and training in an accredited program.

● L An intracompany transferee who travels to the U.S. to engage in work for a company that is affiliated to a foreign corporation.

● O & P Temporary workers in the fields of the arts, athletics or certain renowned business people.

● TN Trade Nafta visa that permits individuals from Canada and Mexico in certain occupations to temporarily work in the U.S.

Please contact us for more information regarding these visas. We offer a free initial consultation by phone or in our office.

CREDIT RESTORATION AFTER BANKRUPTCY

Many people mistakenly believe that restoring credit after bankruptcy will take 10 years or longer. While it is true that a Chapter 7 Bankruptcy will remain on your credit report that long, it does not take that long to re-establish your credit after filing for bankruptcy. There are a few tips that can take you from a low score to a moderate score in the year filing bankruptcy that I would like to share.

First, prior to filing bankruptcy, you should have in depth discussions with counsel about the benefits of reaffirmation agreements. These agreements entered into with secured creditors will help you to establish solid credit from the start. Often these agreements concern automobiles and homes. However, reaffirmation agreements can be entered with other secured items such as furniture or electronics. Making timely monthly payments on these newly reaffirmed debts, will start off a good, new credit history.

Next, after the bankruptcy is discharged, deposit $500-$1,000 in a bank account at your local branch and request a secured credit card with that limit. Use this card for gas or groceries only and pay it off in full every month. This will be a useful tool in re-establishing credit and getting you used to using just one credit card with one monthly payment. After a year, most banks will release the security and raise your credit limit.

Finally, keep that one card and only use it when you must. Years ago before I left for college, my father gave me a crisp twenty dollar bill. He told me to put this in a safe, out of the way section of my wallet, and only use it in case of an extreme emergency. I never used this money in college, but have had a few emergencies later on where I used it and immediately replaced it. The same theory goes for the credit card. Use it when an emergency arises, but only if you know that you can pay for it in full when the bill comes. Further, you only need one card. Having excessive credit available can lead to an unfortunate consequence later on.