I am about to file for bankruptcy but I've heard that there are certain restrictions once a person is declared bankrupt. I am curious about those restrictions and I want to find out more about them so that I could re-evaluate my current situation and think of alternative solutions before I file for bankrupptcy.
If you’re a serial Grab commuter, you might already have used GrabPay.They also have a number of partner merchants who accept payment using the GrabPay app.You have to top up your GrabPay account in order to use it anyway and honestly, the range of partner merchants isn’t that great and is mostly limited to small neighbourhood businesses. If you’re serious about using an e-wallet for most of your transactions, you will definitely need to download another e-wallet app for day-to-day use.
GrabPay / Gpay Network S
FavePay is the new kid on the block somewhat, yet they’ve been growing aggressively. Fave Pay is now available not only in Singapore but also in Johor Bahru, Kuala Lumpur, Penang, Jakarta, Bali and other Malaysian and Indonesian locations.The main thing that sets FavePay apart from the rest is that they offer generous deals and cash back at many of the merchants on their list and you can even use the app to search for deals nearby. Rather than shopping and retail, Fave Pay is focused on dining and experiences, and their merchant selection reflects that
FavePay / Fave Group
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.
WeChat Pay / Tencent Holdings
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.
OCBC Pay Anyone / Oversea-Chinese Banking Corporation
This app has been lagging badly for these past one week or thereabout. It got stuck a couple of times last week, while this week, it is just says "busy" while entering the app or after I click to transact. Not sure if it is my upgrade to Android 10 or something else. I wonder if it is my phone that is the problem
Mighty Pay / United Overseas Bank
I like how you can transfer your cash out and it’s liquid and at the same time you can use it for overseas payments. Love the feature of the one- time destroyable card number to protect your wallets from fraudsters. Very simple and straightforward user interface. Topping up the account was easy using credit card and there were plenty of security tools that allows you to turn on & off real time to keep your account safe. Real time viewing of exchange rate in app is definitely a function that I love so that I can do the conversion real time to know how much I will be spending in local currency.
Revolut / Revolut
No Name
If you are in debt and are having a hard time repaying your creditors then I suggest that voluntarily filing for bankruptcy is the better option. Though there are some restrictions, it wouldn't really affect your daily life and necessities. Once declared bankrupt you cannot be appointed as a trustee or personal representative in respect of any trust or estate, unless the court approves, commence legal action against another person without permission from the OA unless on the grounds of personal injury or divorce, leave Singapore without the OA's permission, borrow more that S$500 without informing the lender that you are bankrupt and participate in the management of business or acts as the director of a company without the permission of the OA or the High Court.