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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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    No Name

    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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My business is going down. Now what?

Some businesses tend to liquidate especially when the business is not going well. Some businesses can keep up to the demand of the economy but some businesses can not cope up. It is hard for them. Most of those businesses that tend to close, their bank accounts are being liquified to the financial debt that they owe.

Bank account was forced to close because of a company's bankruptcy

There is nothing to worry since although the bank faced bankruptcy, There is a certain department that will just collect all the money but will still settle the debts left. This department is responsible for keeping the money and they also make sure that no money saved will be lost. Although the bank faced bankruptcy, that does not mean that the money saved will also be lost.

What rules should I keep in mind when filing for bankruptcy?

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.

Can the bank pay my insolvent?

First of all you need to know that you can be insolvent without being bankrupt, but you can’t be bankrupt without being insolvent. There are different insolvency, it can be Balance Sheet Insolvency, Cash Flow Insolvency. Banks can help you with your insolvency but you need to call them for more information on how they can help you

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.

Can I reposses and own my wife's car?

You probably maxxed out your card already, theres a limit to credit cards and how much you can use sadly I dont think youd be able pay for that with even more debt just from other sources, you can have access to your credit card again if only you are able to pay a fraction of the card so that it doesnt stat maxxed out, as for your dilemma in debt may I suggest pawning some of your possesions and re claiming them at another time. Hope this helped.

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