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I just returned a huge amount of money to the bank

I am an uber driver here in Singapore. I have been working hard to earn a lot of money in my field of work. I got a lot of customers here. One time a bank owner, I presume, rode with me and I drop him off to this bank. After dropping him off, a lot of customers rode with me. Then I saw a bag that has been left inside the car. When I opened it, it was a lot of money, different currencies but mostly Singapore dollar. I was tempted to keep it, but I remembered that a bank owner rode with me today with this bag. And the bag's logo was the bank where I drop him off. I tried to contact him and he confirmed that it is his.

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    No Name

    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.

    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.

Which among my properties would b sold to the bankrupt estate and could I use it to pay off my target contributions?

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.

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.

What rules should I keep in mind when filing for bankruptcy?

You need to remember that you need to be domiciled in Singapore, own a property, has been ordinarily a citizen for a year, have a place of residence for at least a year and have carried on business in Singapore for at least a year. You must also owe at least S$15,000 where the debt is payable immediately and enforceable in Singapore, but you are unable to pay the debt.

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

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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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