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

First of all you need to know that you can be insolvent without being bankrupt, but you can’t be bankrupt without being insolvent. There are different insolvency, it can be Balance Sheet Insolvency, Cash Flow Insolvency. Banks can help you with your insolvency but you need to call them for more information on how they can help you

Anything of value at the datto your bankruptcy estate. of making the Bankruptcy Order or after the making of the Bankruptcy order can form a part of your bankruptcy estate. Gifts given to you prior to your discharge from bankruptcy can also be part of your bankruptcy estate. Proceeds obtained from the from the sale of your assets, excluding the value of the secured debt will be remitted

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.

Hoping that you live for the longest time possible, should you pass away, your yestate (different from bankruptcy estate), assets, money, property etc.. distributed to persons who will inherit them would be subject to the funeral, testimony and administration expenses and the OA will continue managing the bankrupt estate to pay off your debts to the creditors. Therefore your death will not discharge you of your debts.

Sadly it is not possible to sell all your assets because some assets are protected and selling all your assets wouldn't be a good idea either because then nothing would be left. Protected assets include property held by you as a trustee for someone else, your HBD flats, Life insurance policies held in express trust for your spouse or children, any item or furnitures required for your family's needs and many more.

There is a fee for filing bankruptcy Any creditor or debtor who wishes to file for bankruptcy must pay a deposit of S$1,850 to the Official Assignee to administer the debtor's estate. If you hire a lawyer to help you file for bankruptcy, the lawyer will charge professional fees on top of the deposit amount.