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Should I voluntarily file for bankruptcy or should I wat for a creditor to di it?

I found out that I can voluntarily file for bankruptcy if I incur a debt of S$15,000 or more and I can;t immediately pay for it but I've also discovered that creditors can also file me for bankruptcy as well. Would it be wiser to let my creditors file for my bankruptcy so I won;t have to go through the troube of filing one for myself or should I just voluntarily file for it myself?

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    It would be better if you to self-declare bankruptcy yourself instead of waiting for creditors to sue you because the interesst on your debt might continue to increase while you are waiting. It doesn;t matter who files for bankruptcy because the cost of bankruptcy application deposit will likely be borne by you as the debtor.

    2020.03.24 15:44

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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.

What rules should I keep in mind when filing for bankruptcy?

You need to remember that you need to be domiciled in Singapore, own a property, has been ordinarily a citizen for a year, have a place of residence for at least a year and have carried on business in Singapore for at least a year. You must also owe at least S$15,000 where the debt is payable immediately and enforceable in Singapore, but you are unable to pay the debt.

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.

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.

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.

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