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

Anything of value at the datto your bankruptcy estate. of making the Bankruptcy Order or after the making of the Bankruptcy order can form a part of your bankruptcy estate. Gifts given to you prior to your discharge from bankruptcy can also be part of your bankruptcy estate. Proceeds obtained from the from the sale of your assets, excluding the value of the secured debt will be remitted

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 just returned a huge amount of money to the bank

Not all of the time, we can just pick money from the floor. Money is not that easy to earn. It is hard for those who are below average salary. In the case of this uber driver, he found a bag that might help his future with that money. But instead he contacted the person who he thinks owns it. Not everyone will do the same as this uber driver. He can be rewarded with a consolation money and recognition for what he did as a local citizen.

What are the ways to get our of bankruptcy?

There are four ways to get out of bankruptcy. The first method is by paying off all outstanding debts. The second method is to make a proposal to creditors to repay your debts. The third ways is to apply to the court for an order of discharge. The last method is by fully paying off your target contributions. Depending on which method is used, it is possible to have your name removed from the bankruptcy register. In short there no easy way out and if methods 2 and 3 are easy then it would definitely come with a price.

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

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.

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