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Which among my properties would b sold to the bankrupt estate and could I use it to pay off my target contributions?

I am eligible to file for a bankruptcy and I am also thinking of filing for one but I don't know how it actually works. I want to know which of my assets would be sold to the bankruptcy estate .I also want to know if I could use my property in the bankruptcy estate to pay off my target contribution.

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    First, if you are declared as bankrupt then all your assets except those that are protected from bankruptcy,such as HBD flats would be sold and the proceeds would be placed in the bankruptcy estate. SecondThe property sold to the bankruptcy estate cannot be used to pay off your target contributions.

    2020.03.24 15:44

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Am i qualified to have a bank account?

It is a good idea to open an account for a young person, but there is a law that requires the kid to be above 18 years of age to open a deposit and savings account on their own. 15-18 year olds, you can open a savings account – your parents or guardians can also open an account on your behalf for security purposes.

Am I eligible to file for a bankruptcy?

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.

Would it be possible for someone else in the business owner's family to file for bankruptcy on behalf of the owner?

I think it would be best if you just talked to your relative properly so she understands that you are all in debt, you cant apply for bankruptcy if its not yours though the business maybe passed on to the closest relative available since that relative is no longer healthy enough to maintain the business.

Who would manage my bankruptcy estate and who decides my target contributions?

Typically, the cour assigns an Official Asignee to manage the bankruptcy estate so that your assets would be administered and distributed as fairly as possible among the creditors but the bankruptcy estate can be managed by a private trustee who can either be an accountant or a lawyer. If you are emplyed, you have to make a monthly contribution that is paid to your bankruptcy estate which would go towards fulfilling a target contribution that is decided by the Official Asignee.

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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.

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