Forum
Last updated: 

What happens after one has declared bankruptcy?

My father has been a businessman for all his career life. But then his recent business partner have deceit him and ran away with my father's money. With all his life investments taken away, he considered and declared bankruptcy in our business leaving him with pile of debts. I wonder what will be done after his declaration of bankruptcy.

User comments

  • user image

    No Name

    After filing the Debtor’s Bankruptcy Application and the Affidavit in Support of Debtor’s Bankruptcy Application and the procedures done, there is a 21-day allotment required to instruct the bankcrupt by the Official Assignee of his responsibilities and state his liabilities and assets. His monthly contribution plan will be discussed as well with the Official Assignee.

    2020.03.24 15:44

Please leave your knowledge and opinion!

Related Forums

Debt

Is borrowing money from a loan shark legal?

Debt

I am called to pay my debt earlier than the agreed time.

Debt

Can I get loan even though I have debts?

Debt

I need assistance with my debts.

Debt

Can a loan shark be full of debts?

Debt

Can I buy a foreclosed house?

Related Reviews

Debt

Greater control over foreign currency exchange rates that you get

With UOB Mighty FX, you not only save on additional foreign exchange (FX) conversion fees when you shop on overseas websites, but you also have greater control over the foreign currency exchange rates that you get. UOB Mighty FX allows you to view and exchange with real-time foreign exchange (FX) rates for popular currencies including USD, GBP, Euro, Australian Dollar (AUD) and Japanese Yen (JPY). Some exchange rates offered by UOB Mighty FX are even better than those at popular money changers, so clearly, this can help you save some money.

UOB Mighty FX / United Overseas Bank

Debt

2% cashback on all contactless payments and 1% on online shopping with no minimum spend

In my opinion, the SAFRA DBS debit card is simply the best debit card. NSF cardholders can get 2% cashback on all contactless payments and 1% on online shopping with no minimum spend. For everyone else, that is non-NSFs, the minimum spend to enjoy these bonus cashback rates is actually $400. But by and large this I believe is worth it in order to reap the full benefits with the card.

SAFRA DBS Debit Card / DBS Bank

Debt

Charging annual fees on a debit card,

UOB has several debit cards in its stable, but I would urge you to ignore the crowd and quantity and go for quality like the UOB Delight Debit Card. But I think it’s quite absurd that they are charging annual fees on a debit card, yes that is right, yes, believe it or not, UOB charges annual fees on their debit cards – and some are not that easy to waive.

UOB Delight Debit Card / United Overseas Bank

Debt

Supports the NETS FlashPay function to top up and tap for public transport,

The HSBC debit cards have no annual fees and it offers overseas cash withdrawal with no transaction fee at HSBC ATMs. However, this is ONLY for HSBC Advance and Premier Account holders. If you do qualify, the good thing is that HSBC has a strong ATM network in countries like Hong Kong.This card also supports the NETS FlashPay function so you can top up and tap for public transport, you can also link it up with SimplyGo and can be used to withdraw cash from cash points like 7-11, Cold Storage, Guardian and ATMs with “atm5” symbol

HSBC Debit Card / HSBC Bank Singapore

Debt

I won S$20 cash credit for the deposit account that was opened together with my debitrd

I am not one to win things so you can imagine my joy when I won S$20 cash credit for the deposit account that was opened together with my debit card. This promotion is however valid for your first OCBC deposit account and it must be opened online too. This offer is limited to the first 600 OCBC deposits accounts opened online per month.

OCBC YES! Debit Card / Oversea-Chinese Banking Corporation

Debt

Earn unlimited cash rebate of 0.3% for all local and overseas retail transactions

Earn unlimited cash rebate of 0.3% for all local and overseas retail transactions when using your BOC Zaobao Debit Card.This offer is valid for a monthly spend of at least S$100 with a minimum deposit of S$1,500 and/or a monthly spend of at least RMB 500 with a minimum deposit of RMB 7,500 in the account.Other privileges allow you to use your new BOC UnionPay Dual Currency Debit Card at any UnionPay's merchants to enjoy 0.3% cash rebate and/or exclusive offers

BOC Zaobao Debit Card / Bank of China