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Can the bank pay my insolvent?

I usually loan to people because I need cash as soon as possible. My family needs the money for the medical attention of my mother who is from another country. That is why I work hard and at the same time loan from agencies and not the bank. I have a bank account though, now I have a lot of debt to pay. At the same time the bank that I am accumulating gave me a letter. Can the bank pay for the insolvency that I have?

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    No Name

    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

    2020.03.24 15:44

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What are the restrictions of a Bankrupt?

If you are in debt and are having a hard time repaying your creditors then I suggest that voluntarily filing for bankruptcy is the better option. Though there are some restrictions, it wouldn't really affect your daily life and necessities. Once declared bankrupt you cannot be appointed as a trustee or personal representative in respect of any trust or estate, unless the court approves, commence legal action against another person without permission from the OA unless on the grounds of personal injury or divorce, leave Singapore without the OA's permission, borrow more that S$500 without informing the lender that you are bankrupt and participate in the management of business or acts as the director of a company without the permission of the OA or the High Court.

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.

Would it be possible for someone else in the business owner's family to file for bankruptcy on behalf of the owner?

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.

Who would manage my bankruptcy estate and who decides my target contributions?

Typically, the cour assigns an Official Asignee to manage the bankruptcy estate so that your assets would be administered and distributed as fairly as possible among the creditors but the bankruptcy estate can be managed by a private trustee who can either be an accountant or a lawyer. If you are emplyed, you have to make a monthly contribution that is paid to your bankruptcy estate which would go towards fulfilling a target contribution that is decided by the Official Asignee.

Am I eligible to file for a bankruptcy?

You are definitely eligible to file for a bankruptcy. As long as you have a debt of S$15,000 or more, you can voluntarily file for a bankruptcy in Singapore. Alternatively, your creditors can also take action and file to make you bankrupt if they don't think that you would be able to pay the debt that you owe them.

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.

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