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

I was wondering if there is a way to be discharged from bankruptcy as soon as possible and then I thought of selling all my assets. Is it possible to sell all my assets so that it would become part of my bankruptcy estate or are there some restrictions like assets that I can;t sell because they are protected?

Confused About Financial Products?

You can chat directly and receive the best offers from the experts.

  • user image

    No Name

    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.

    2020.03.24 15:44

    Please leave your knowledge and opinion!

    Related Forums

    What are the ways to get our of bankruptcy?

    What are the restrictions of a Bankrupt?

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

    Can I borrow money physical money from a bank?

    I cannot pay these expenses anyomore

    Am I eligible to file for a bankruptcy?

    Related Reviews

    Dash all the way from Singapore to Thailand

    Dash / Telecom Equipment

    Singtel Dash is an e-wallet, so once you download the Singtel Dash app and log in, you can top up your dash account. It also works as a virtual visa account, so the account comes with its own unique 16-digit Dash Visa virtual account number and security code. Singtel Dash is can be used in Thailand in as well as in Singapore, making it more attractive to Singaporeans who frequently travel to Thailand. The app also lets you transfer money to another account, remit money overseas and, if you have an NFC-enabled phone, tap in and out of train and bus rides.

    You don’t need to top up credits to send a transfer

    OCBC Pay Anyone / Oversea-Chinese Banking Corporation

    OCBC PayAnyone works in the same way as DBS PayLah. The main difference however, is that while you can still register an account with DBS PayLah without a DBS/POSB account, OCBC Pay Anyone is connected to your bank account so you need an OCBC account to use Pay Anyone. The transactions are then credited to and deducted from OCBC savings or current accounts. You don’t need to top up credits.The good thing is that the recipient you are sending money to via Pay Anyone doesn’t need the app to receive the funds. They will receive an email link whereby they can click and key in their bank information to receive the money. However, if you already bank with OCBC, you will have the option of using OCBC PayAnyone to directly pay from your OCBC savings or current accounts.

    Terrible customer service in Singapore.

    PayPal / PayPal

    This folks have a terrible customer service in Singapore. If you have a problem, then good luck trying to contact them. I requested for refund and stop any payment to a certain company because I did not receive the ordered items and there was no delivery schedule or whatsoever. The reply was really classic, "Thank you for reporting this case, after reviewing your case, we found that this transaction was not unauthorized and hence couldn't be covered under PayPal Purchase Protection" and just like that the case was closed.

    Enhance mobile payment capabilities

    Liquid Pay / Fave Group

    Liquid Pay is a much smaller player in the scene, but I am seeing more and more of that bright blue logo nowadays. Liquid Group is a payments technology company that works with financial institutions and telcos to enhance mobile payment capabilities. Amidst the competitive market, it seems that Liquid Pay has an uphill battle acquiring customers from other mobile wallets that boasts more integration with other uses like GrabPay and DBS PayLah. Yet, given the circumstances, Liquid Pay is surprisingly widely accepted at food and beverage outlets.

    Face to face verification via live video call rather than visiting a branch

    FlexM / FlexM

    I think it is more seamless if we could have a face to face verification via live video call rather than having to travel all the way since the idea is convenience anyway. The direct bank to card transfer was good but they could consider including wallet to bank as well. It would also be nice if they include multiple currencies for multiple wallets with attractive packages for Malaysia especially since other wallets/banks don’t have Malaysia. I would also fancy if they ensure that the interface updates promptly especially for remaining balance and suspended cards and include any charges upfront before users make payments

    The most common and easiest, method for person-to-person payments

    WeChat Pay / Tencent Holdings

    The most common, and easiest, method for WeChat payments is person-to-person. The person to whom you’re sending money must already be a WeChat friend of yours. You start by composing a message to them and then add a “transfer” to them. When you click on the “transfer” button, you’ll be asked how much money you want to send to them. Enter an amount in RMB. You’ll then be asked to enter your password. Do that, and you’ll see a reddish-orange “transfer” icon appears.The recipient will see this in their WeChat app, and will then have to accept the transfer. Once they do, they will receive it.

    Confused About Financial Products?

    You can chat directly and receive the best offers from the experts.