What rules should I keep in mind when filing for bankruptcy?
I ant to file for bankruptcy however I am not fully aware of the rules. I want to find out the different rules to keep in mind to avoid having problems in the future and so that the process for my declaration would be faster with zero to minimal flaws. This is because I also want to avoid waiting for my creditors to file one for me.
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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.