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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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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.

Can I borrow money physical money from a bank?

Loaning from the banks is not that difficult. It still depends on the bank that you are loaning. You can loan for cars, houses and you can talk to the bank what other things you can loan from them. Usually you need a stable job for you to loan there. They need to see some legal documents and properties to ensure that you'll pay back.

How much does it cost to file for bankruptcy?

There is a fee for filing bankruptcy Any creditor or debtor who wishes to file for bankruptcy must pay a deposit of S$1,850 to the Official Assignee to administer the debtor's estate. If you hire a lawyer to help you file for bankruptcy, the lawyer will charge professional fees on top of the deposit amount.

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 roles of an official Assignee?

Basicallt the roles of an Official Assignee is to oversee the bankruptcy estate by planning monthly contributions to be paid, selling liquid assets to pay off creditors and to determine what the taret contribution is. The OA is also responsible for managing your affairs and to assist you in obtaining a discharge from bankruptcy.

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