I have a credit card debt of HKD 50K on my card from HSBC. I lost my job in Jan and later one of my family member met an accident and the medical expenses ate up my savings. I talked to the bank but they want me to pay immediately which isnt possible. I will be moving out of HK as I am unable to find a job here....
My question is if I move out of HK defaulting on the debts, will the bank file bankruptcy code against me for this amount? I worked for a bank myself in securities dealing so dont want to get myself declared bankrupt as I'd want to return to HK after few years.
Can anyone from retail banking or a lawyer advice me on this? How much amount is safe to default on a credit card...?