Forum
Last updated: 

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

I filed for bankruptcy but I'm not sure how to manage it. I've heard that the court would assign someone to help me manage the bankruptcy estate but I also wonder if I could get someone else to manage it for me. I also want to know who decided my monthly and target contributions and if my monthly contributions would be deducted from my monthly salary.

User comments

  • user image

    No Name

    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.

    2020.03.24 15:44

Please leave your knowledge and opinion!

Related Forums

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

Can I reposses and own my wife's car?

How much does it cost to file for bankruptcy?

Will my family members be required to help me repay my debt?

Am i qualified to have a bank account?

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

Related Reviews

Instant Peer to Peer Payment

Unlike other banks with limits set at $999 or thereabout, if you’re a DBS/POSB customer you can set your daily transfer limit up to S$2,000. There’s also a wallet limit, which caps the amount you can hold in your PayLah! Wallet at any one time, which is up to S$2,000 for DBS/POSB account holders, and S$999 for other users.PayLah! Is a mobile wallet, for making peer to peer payments and spending money in participating stores, restaurants and taxi. You’ll need to have an eligible smartphone and download the PayLah! app to get started

Just PayLah! / DBS Bank

You don’t need to top up credits to send a transfer

OCBC PayAnyone works in the same way as DBS PayLah. The main difference however, is that while you can still register an account with DBS PayLah without a DBS/POSB account, OCBC Pay Anyone is connected to your bank account so you need an OCBC account to use Pay Anyone. The transactions are then credited to and deducted from OCBC savings or current accounts. You don’t need to top up credits.The good thing is that the recipient you are sending money to via Pay Anyone doesn’t need the app to receive the funds. They will receive an email link whereby they can click and key in their bank information to receive the money. However, if you already bank with OCBC, you will have the option of using OCBC PayAnyone to directly pay from your OCBC savings or current accounts.

OCBC Pay Anyone / Oversea-Chinese Banking Corporation

Awesome features and top-notch security measures

I like how you can transfer your cash out and it’s liquid and at the same time you can use it for overseas payments. Love the feature of the one- time destroyable card number to protect your wallets from fraudsters. Very simple and straightforward user interface. Topping up the account was easy using credit card and there were plenty of security tools that allows you to turn on & off real time to keep your account safe. Real time viewing of exchange rate in app is definitely a function that I love so that I can do the conversion real time to know how much I will be spending in local currency.

Revolut / Revolut

Convinence using the App to search for great deals nearby

FavePay is the new kid on the block somewhat, yet they’ve been growing aggressively. Fave Pay is now available not only in Singapore but also in Johor Bahru, Kuala Lumpur, Penang, Jakarta, Bali and other Malaysian and Indonesian locations.The main thing that sets FavePay apart from the rest is that they offer generous deals and cash back at many of the merchants on their list and you can even use the app to search for deals nearby. Rather than shopping and retail, Fave Pay is focused on dining and experiences, and their merchant selection reflects that

FavePay / Fave Group

I cant tell if it is the App or my phone malfunctioning

This app has been lagging badly for these past one week or thereabout. It got stuck a couple of times last week, while this week, it is just says "busy" while entering the app or after I click to transact. Not sure if it is my upgrade to Android 10 or something else. I wonder if it is my phone that is the problem

Mighty Pay / United Overseas Bank

A robust application built with simplicity and fast payments in mind

Yoyo Wallet is a robust application built with simplicity and fast payments in mind. You connect your cards (debit and credit) or Apple Pay once and start using your smartphone to make payments. It allows you to keep all your financial detail in a centralized place, gain no additional wallet weight and take only your smartphone on your shopping experiences. The solution is ultra-secure; your financial details are stored by a trusted payment service provider and not in your smartphone or by Yoyo.

Yoyo Wallet / Yoyo Wallet