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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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How much does it cost to file for bankruptcy?

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.

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.

Which among my properties would b sold to the bankrupt estate and could I use it to pay off my target contributions?

First, if you are declared as bankrupt then all your assets except those that are protected from bankruptcy,such as HBD flats would be sold and the proceeds would be placed in the bankruptcy estate. SecondThe property sold to the bankruptcy estate cannot be used to pay off your target contributions.

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 would happen to my assets and my debts if I pass away?

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.

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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