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.

    2020.03.24 15:44

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    Can I reposses and own my wife's car?

    You probably maxxed out your card already, theres a limit to credit cards and how much you can use sadly I dont think youd be able pay for that with even more debt just from other sources, you can have access to your credit card again if only you are able to pay a fraction of the card so that it doesnt stat maxxed out, as for your dilemma in debt may I suggest pawning some of your possesions and re claiming them at another time. Hope this helped.

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

    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.

    I just returned a huge amount of money to the bank

    Not all of the time, we can just pick money from the floor. Money is not that easy to earn. It is hard for those who are below average salary. In the case of this uber driver, he found a bag that might help his future with that money. But instead he contacted the person who he thinks owns it. Not everyone will do the same as this uber driver. He can be rewarded with a consolation money and recognition for what he did as a local citizen.

    WHat would happen if I have been declared bankrupt?

    Since you're already declare as a bankrupt there are simple steps that you need to do to get started. You are required to head to the Official Assignee's office to be briefed on your responsibilities as a bankrupt and to submit a Statement of Affairs recording your assets and liabilities to the Official Assignee within 21 days of the Bankruptcy Order. After, you and the officers of the Official Assignee will discuss your monthly contribution plan.

    Can I borrow money physical money from a bank?

    Loaning from the banks is not that difficult. It still depends on the bank that you are loaning. You can loan for cars, houses and you can talk to the bank what other things you can loan from them. Usually you need a stable job for you to loan there. They need to see some legal documents and properties to ensure that you'll pay back.

    What are the assets that are protected from being part of my bankrupt estate?

    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.

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