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Would it be possible for someone else in the business owner's family to file for bankruptcy on behalf of the owner?

Im the grandson of a family member who is unable to apply for bankruptcy since she is currently in the hospital but I found that we are struggling to pay for nana's bills and her medicine and we haven't been involved in the business but we are lacking money to fund her medication not to mention pay for her debts, shes currently seeking treatment but she refuses to let go of her business, what should I do???

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    I think it would be best if you just talked to your relative properly so she understands that you are all in debt, you cant apply for bankruptcy if its not yours though the business maybe passed on to the closest relative available since that relative is no longer healthy enough to maintain the business.

    2020.03.24 15:44

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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.

What are the benefits of filing for bankrutpcy?

A good question indeed. Given your current situation, it is highly recommended that you file for bankruptcy so that your debt would stop accumulating and your monthly repayments would be lower. After the making of the Bankruptcy order, your creditors cannot charge interest for the principal sum that you owe them and unlike before, your Official Assignee will decide a suitable amount of monthly contribution that you willhave to make after taking into account what you need for yourself and your family.

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.

Will my family members be required to help me repay my debt?

You don't have to worry about your family being required to help you pay off your debts. Your family will only be liable for your debts if they are co-owners of the debt with you. For example: you took out a home mortgage in both you and your spouse's names. Family members who are guarantors for your loan can also be made bankrupt if they are unable to repay it.

I cannot pay these expenses anyomore

In Singapore, owning a property is an expensive thing to to achieve. You can loan to banks to achieve a property for yourself. But it takes a while to accomplish this payment it may take more than you are expecting and in a high price. When you cannot pay any longer, the bank will give you a letter about the situation. You can either continue or it can go foreclosure.

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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