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Which of my assets can be part of my bankruptcy estate?

I recently have been declared a bankrupt however I still have a lot of assets that I can sell to be part of my bankruptcy estate. The Official Assignee adviced me to sell my assets so that I can easily be discharged from bankruptcy but I don't know whcih of my assets could help me form part of my bankruptcy estate.

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    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

    2020.03.24 15:44

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What are the ways to get our of bankruptcy?

There are four ways to get out of bankruptcy. The first method is by paying off all outstanding debts. The second method is to make a proposal to creditors to repay your debts. The third ways is to apply to the court for an order of discharge. The last method is by fully paying off your target contributions. Depending on which method is used, it is possible to have your name removed from the bankruptcy register. In short there no easy way out and if methods 2 and 3 are easy then it would definitely come with a price.

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.

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.

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

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.

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.

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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