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.