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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 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.

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.

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 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.

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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First, if you are declared as bankrupt then all your assets except those that are protected from bankruptcy,such as HBD flats would be sold and the proceeds would be placed in the bankruptcy estate. SecondThe property sold to the bankruptcy estate cannot be used to pay off your target contributions.

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