Sue Someone Bankrupt?
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someone whom i considered a friend owed me some money that i tried to recover but each time the reply is sue me bankrupt loh. the problem is not that he owed me 4digits, its that i think he owed at least a couple other people 4digits, maybe even 5 but those other nitty gritty details i am not very clear yet. as far i last understood: a. hes unemployed, or maybe working part time or freelance, b. he has no other assets except maybe an empty-ish HDB (not sure under his or his family's name, lets assume His for starters), c. he dont mind stuck in sg or even going to jail, that fact that he even goes around repeatedly taunting people to sue him bankrupt, i dont know why and what he has in mind.. so can i ask the sexperts here some questions: 1. how to sue someone bankrupt literally? 2. does it cost a lot? take a lot of time? what other factors help determine if its worth it at all? 3. what happens then if the other party indeed goes bankrupt? 4. what if someone else gets more upset and then take actual action to sue him bankrupt before i do? does the order of things makes any difference? 5. if i dont sue that person bankrupt, cant afford time or energy to chase down the address every other day, what else can i do? 6. if he starts working freelance or part time again, or even ride rickshaw or drive taxi or becomes offshore boatman (still in sg waters), can i intercept his cash flow? how? remember, i dont have a lot of time of my own to chase him down every street corner or canal. and i really trying not to throw more good money after bad money. ok i know some will jump straight to conclusion and try to gun me down for even lending money to such people, but the story is longer than that, he didnt actually started owing me money, he owed intangible stuff that had to be converted to monetary value over time, like he inevitably damaged my things etc etc..which cannot be repaired or those that can, at a costs. so please be kind and offer your best-est advice to the best of your knowledge, which is what i really need right down, really really appreciated. :)
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Please sue him bankrupt... we don't need more of such people that likes to taunt others... A taunt is a dare that he thinks you won't be able to do, therefore, all the more you should do it...
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If it's a personal loan, treat it as bad debts.
Dr Bad Debts
Cr Friendship
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got any proof that you lent him the money(IOU)? as opposed to his possible claim that you gave the money to him?
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best is not to lend money to anybody, including family members. what can they do to you if you dun lend it to them? if they are angry with you for not lending money to them, tell them you are not a bank. if they insist, tell them to borrow from others then.
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No need to sue him bankrupt.
If you got proof, go to small claims court and claim against him.
Court orders him to pay. If he really can't pay, even by installments, then he can declare himself bankrupt and the court will register him as such.
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Forget it,legal fees along will set you back a few thousands dollars,& cannot 100% get back your $$$.
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who is this Sue?
why so popular? why so many ppl toking about her?
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yeh put him in jail for deceit and the world will have one down.
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are u prepared to bear the legal costs just to do tt to him?
after tt, will u be able to sleep well at nite?
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one look already know chiu from edmw~ see la~ come here post 1 only, then bo come back, not bro enough la chiu!
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There is no way you can get the money back from him. He can just claim that he has never received the money or this money is given.
Unless there is formal contract (black and white being made).But in this fornal contract, probably you never thought of stating the interest rate and the time duration for the return.
However, if he actually ask money from several persons, than you can make police report of scam. This person is a professional cheater, who go around and ask people for investment. But in fact, he is just using the money to pay for each others' interests.
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thanks for the so many comments, appreciated, so sorry i just came back from a urgent trip (not yet finish still ongoing), so one by one k @mancha: -small claims court can work? -you mind roughly describe the process? -need lawyer or ownself present? -can courts order he pay? -can he dispute? -what if he dont pay even if court order? does he go jail? so what if he comes back out again? -if indeed courts declare him bankrupt isnt me ruining the chances of other creditors getting -any cent back from him (this i heard from friends, not sure correct or not so pls dont shoot me down) @veron soh: would you share any idea how much the process and how long it might take? what do you mean not 100% return? thks @Darkness_hacker99: thanks for the goodwill i can sense it, i am tyring my best juggling a few things, this is one loose end thats been outstanding thorn for some time, i dont want to drag it any further, its either now or never @Lokey thanks for the note, but i think i can get least some black/white, the burning questions in my mind are in my first posts, what each step in the process of suing someone bankrupt involves, entails and implies
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It's a complicated process which involves a lot of waiting time. It's like a game of money and time. If you have the money to hire a lawyer, he will play this game on your behalf.
The steps are very quite complex and you need to submit quite a lot of claim documents to the court before the court will issue the writ. -
thanks i am always hoping someone whos underwent the process can share some info, be it as the person doing it or the person being done to. nobody wants to throw more good money after bad money, unless really have to or theres a strong chance of actually achieving something
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thanks i hope someone can share some of their experiences or their friends experiences they came across
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No expert but you'll end up paying more than what you'll be compensated with. Is the extra cost worth the vengeance, or should you just break all ties and move on?
Even with all 4-5 collaborate with you, it's no use. A thread in HWZ is about finding a shop owner who left with thousands of dollars in pre-order deposits, and till date, no legal updates, much less this guy you're talking about.
He challenged you because he knows its stupid to pursue the case.
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Originally posted by Toiletries:
No expert but you'll end up paying more than what you'll be compensated with. Is the extra cost worth the vengeance, or should you just break all ties and move on?
Even with all 4-5 collaborate with you, it's no use. A thread in HWZ is about finding a shop owner who left with thousands of dollars in pre-order deposits, and till date, no legal updates, much less this guy you're talking about.
He challenged you because he knows its stupid to pursue the case.
the questions i pose in this thread is to find out, can creditors take legit action to claim something back owed so are you saying in a way, that debtors pwn creditors totally and absolutely? can you share with us some of the details of some of the claiming processes that you came across that gave you that less than favourable impression? -
Originally posted by mancha:
thanks but what can SCT do ultimately to the debtor and his outstanding debts? if that works, then why people still need to file or sue for bankruptcy? so hence the question should be, then why didnt SCT work? -
It's actually the long process and waiting that is a huge turn off.
If the debtor doesn't turn up for the meeting, then judge will reschedule to next meeting. It's kinda like a waiting game. Ultimately, after the last summon is send and he still doesn't appear, the court will issue writ of seizure.This is fun because the officer will go to the debtor house and start pasting stickers.
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Originally posted by blackink:
thanks but what can SCT do ultimately to the debtor and his outstanding debts? if that works, then why people still need to file or sue for bankruptcy? so hence the question should be, then why didnt SCT work?You don't sue for bankruptcy. It is for the debtor to declare bankruptcy.
You are advised to make sure the debtor is capable of paying up, before making a a claim.
Like is said before, if you have the evidence, and the court judges in your favour, an order is made by the court to the debtor to pay up.
The debtor can disobey the order at his own risk, or if really can't pay, put hands up and declare bankrupt.
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If you have prrof small claims can be very helpful.Not very expensive as well.
Though 'un-official' challes work best in cases like these.
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you can look up on legal debt collector to do the job for you