Forum
Last updated: 

What are the benefits of filing for bankrutpcy?

I have problems in making an alternative private arrangements with my creditors to repay the debt I owe them and with my current situation I think it is unlikely for me to pay for my debts in full which is why I am considering filing for bankrutpcy as an option but what are the actual benefits of filing for bankruptcy?

User comments

  • user image

    No Name

    A good question indeed. Given your current situation, it is highly recommended that you file for bankruptcy so that your debt would stop accumulating and your monthly repayments would be lower. After the making of the Bankruptcy order, your creditors cannot charge interest for the principal sum that you owe them and unlike before, your Official Assignee will decide a suitable amount of monthly contribution that you willhave to make after taking into account what you need for yourself and your family.

    2020.03.24 15:44

Please leave your knowledge and opinion!

Related Forums

Am i qualified to have a bank account?

Which of my assets can be part of my bankruptcy estate?

How much does it cost to file for bankruptcy?

Bank account was forced to close because of a company's bankruptcy

What are the restrictions of a Bankrupt?

My business is going down. Now what?

Related Reviews

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

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

Terrible customer service in Singapore.

This folks have a terrible customer service in Singapore. If you have a problem, then good luck trying to contact them. I requested for refund and stop any payment to a certain company because I did not receive the ordered items and there was no delivery schedule or whatsoever. The reply was really classic, "Thank you for reporting this case, after reviewing your case, we found that this transaction was not unauthorized and hence couldn't be covered under PayPal Purchase Protection" and just like that the case was closed.

PayPal / PayPal

Enhance mobile payment capabilities

Liquid Pay is a much smaller player in the scene, but I am seeing more and more of that bright blue logo nowadays. Liquid Group is a payments technology company that works with financial institutions and telcos to enhance mobile payment capabilities. Amidst the competitive market, it seems that Liquid Pay has an uphill battle acquiring customers from other mobile wallets that boasts more integration with other uses like GrabPay and DBS PayLah. Yet, given the circumstances, Liquid Pay is surprisingly widely accepted at food and beverage outlets.

Liquid Pay / Fave Group

No refunding from wallet if there is an error in the process of toping up an amount

This platform provides zero flexibility of refunding from wallet if there is an error in the process of toping up the amount. Been told by Customer service that the only way is to terminate the account and the refund will be credited after 2 weeks. The UI as well have to be clear at the home screen on which default payment mode are we on as I've been told that the payment mode might switch every time after updating the app

NETSPay / Electronic Transfers Singapore

CardUp charges you a transaction fee for each payment made.

Every transaction you complete using CardUp will incur a 2.6% transaction fee. This can actually add up over time, especially if you’re relying heavily on CardUp. That being said, if your card offers cash rebates or frequent flyer miles, you may easily be able to offset the transaction fee. CardUp works by being a middleman in your transactions. Instead of directly transferring funds from your account to a vendor, you pay CardUp via credit card. CardUp will then transfer the funds to your designated vendor. CardUp charges you a transaction fee for each payment made.

CardUp / CardUp