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Am I eligible to file for a bankruptcy?

I have a lot of delinquent credit card accounts and a loan that I currently cannot afford to pay. I have total of about S$30,000 in debt that I currently cannot pay. I thought of filing for bankruptcy but I'm not sure if I am eligible to file for one nor am I aware of the rules in filing for a bankruptcy.

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    You are definitely eligible to file for a bankruptcy. As long as you have a debt of S$15,000 or more, you can voluntarily file for a bankruptcy in Singapore. Alternatively, your creditors can also take action and file to make you bankrupt if they don't think that you would be able to pay the debt that you owe them.

    2020.03.24 15:44

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What are the restrictions of a Bankrupt?

If you are in debt and are having a hard time repaying your creditors then I suggest that voluntarily filing for bankruptcy is the better option. Though there are some restrictions, it wouldn't really affect your daily life and necessities. Once declared bankrupt you cannot be appointed as a trustee or personal representative in respect of any trust or estate, unless the court approves, commence legal action against another person without permission from the OA unless on the grounds of personal injury or divorce, leave Singapore without the OA's permission, borrow more that S$500 without informing the lender that you are bankrupt and participate in the management of business or acts as the director of a company without the permission of the OA or the High Court.

I cannot pay these expenses anyomore

In Singapore, owning a property is an expensive thing to to achieve. You can loan to banks to achieve a property for yourself. But it takes a while to accomplish this payment it may take more than you are expecting and in a high price. When you cannot pay any longer, the bank will give you a letter about the situation. You can either continue or it can go foreclosure.

Would my future employers know if I ever filed for a bankruptcy in the past?

It;'s better to just tell your future employers about your status if it is asked because they would appreciate the honesty. Once you file for bankruptcy, your name would be listed in Singapore's bankruptcy register and this register can be freely searched by the general public, with the payment of a fee so it would be better if you were honest about it rather than lie about it cause they will find out if they want to. Another thing is that you would still be able to work as normal even after you are declared bankrupt.

I just returned a huge amount of money to the bank

Not all of the time, we can just pick money from the floor. Money is not that easy to earn. It is hard for those who are below average salary. In the case of this uber driver, he found a bag that might help his future with that money. But instead he contacted the person who he thinks owns it. Not everyone will do the same as this uber driver. He can be rewarded with a consolation money and recognition for what he did as a local citizen.

Can I reposses and own my wife's car?

You probably maxxed out your card already, theres a limit to credit cards and how much you can use sadly I dont think youd be able pay for that with even more debt just from other sources, you can have access to your credit card again if only you are able to pay a fraction of the card so that it doesnt stat maxxed out, as for your dilemma in debt may I suggest pawning some of your possesions and re claiming them at another time. Hope this helped.

What would happen to my assets and my debts if I pass away?

Hoping that you live for the longest time possible, should you pass away, your yestate (different from bankruptcy estate), assets, money, property etc.. distributed to persons who will inherit them would be subject to the funeral, testimony and administration expenses and the OA will continue managing the bankrupt estate to pay off your debts to the creditors. Therefore your death will not discharge you of your debts.

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