Bankrupt in Singapore
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Don't give me nonsense, please... I am already very stressed.
I hope to get some advice from people who have been sued for bankruptcy in Singapore.
I hear so many rumours and versions about it, like cannot take taxi/own mobilephone/etc. What I want to know is...
How great is one's chance of getting discharged after 3 years?
Will I still have a record or still be able to get credit after discharge?
I know the main restrictions of being a bankrupt includes not being able to run a company/business and must seek approval before travel.. any other restrictions?
During writ of seizure, will they take things away like my aircon (already installed), oven/hob/stove, sofa? how about my personal stuff like handphone, pda? (dont say I die die still want these things, impt to my work)
Any implications on my wife?
Hope to get some real answers here... -
Originally posted by jaded:
Don't give me nonsense, please... I am already very stressed.
I hope to get some advice from people who have been sued for bankruptcy in Singapore.
Not me?
I hear so many rumours and versions about it, like cannot take taxi/own mobilephone/etc. What I want to know is...
The main things I know about are the ones you've mentioned below about travelling and running business. From what I know you would have to make lots of declaration. Perhaps your ability to take taxi/own HP etc is largely BASED on your declaration.
How great is one's chance of getting discharged after 3 years?
It depends on how you clear your debt? You won't be discharged for nothing.
Will I still have a record or still be able to get credit after discharge?
Subjective I guess? But normally loan firms and banks DO take into consideration of your past history for bankruptcy and such. Even stock and commodities market and job hunting take into consideration of this...?
I know the main restrictions of being a bankrupt includes not being able to run a company/business and must seek approval before travel.. any other restrictions?
That's about the same thing I know?
During writ of seizure, will they take things away like my aircon (already installed), oven/hob/stove, sofa? how about my personal stuff like handphone, pda? (dont say I die die still want these things, impt to my work)
I guess they have EVERY RIGHTs to do so? They can SELL your things and try to get EVERY PENNY out from you? Alot would depends on how you make your declaration I guess? If your usage of HP and PDA is largely work-related and can affect your ability to clear the debt you can make proposals? But note, they most probably have every right to reject you....
Any implications on my wife?
Hope to get some real answers here...
Not sure about your wife. But indirectly most probably she would be more or less affected? Is she working? If there is a need, she should file for maintenance from you?
I would advise you to get legal advices from Legal Aid <- Cost you only $1 to find out more?
In this forum, Joanne (worked in legal firm before), Ruthie and Blurbop might be able to help you answer some of your questions...
Take care, and good luck?
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hi,
for bankruptcy, once you are a bankrupt, you will have several restrictions.. i dun think that you cannot take a taxi etc., but you will not be able to take loans, and be gurantor for others, as well as set up business etc.
and you CANT be discharged after 3 years just because YOU want to be etc., you have to be approved by the public trustee and your debters.. you have to produce evidence that you are really not able to clear your debts..
haiz, anyway, bankruptcy is a very very troublesome matter lah.. what happened to you that got you into this?? i dun think your wife will be affected.. so dun worry. -
Hi...
Thanks for all your answers...
Anyone has first-hand experience in bankruptcy? Perhaps some lawyer here can offer me some legal advice? Pro-bono? I don't think I qualify for legal aid clinic... I downloaded the means test and well I earn too much to qualify. But earning that amount doesn't mean anything when one doesn't have enough to pay mounting debts.. : (
I understand writ of seizure that will allow creditors to enter my home and sieze my assets for auction... my home is very new, very little stuff... my question is whether they will remove installed items like oven, aircon, etc? I spoke to someone today and was told they will remove the aircon! The pain is not just not having aircon, just that gosh we spent so much time fixing the whole thing cos of some problems and I can't imagine them ripping the whole thing off the wall! The piping and everything how? I can't believe this! Will they really do something like that? What about things like cooker hood, oven? Cutlery??? Plates?? Will they take all and just leave me two plates?? Sigh.. sigh...
Also how many times will this happen? To me this is the most scary part, people coming to my home to carry things away... will this happen just once? Or once per bank? (I owe several banks)
Anyone who can help me with legal advice? Please help... please... -
Originally posted by jaded:
Anyone has first-hand experience in bankruptcy? Perhaps some lawyer here can offer me some legal advice? Pro-bono? I don't think I qualify for legal aid clinic... I downloaded the means test and well I earn too much to qualify. But earning that amount doesn't mean anything when one doesn't have enough to pay mounting debts.. : (
You cannot expect to hire a legal aid lawyer to fight your case for you. BUT, asking for legal advices should be still possible...? This is how:
Get a friend who's relatively low in income and explain your case to him/her. Let him/her know the vital questions ya wanna ask and things ya wish to know. He/she can then just go ahead and applied for $1 legal advice.
I understand writ of seizure that will allow creditors to enter my home and sieze my assets for auction... my home is very new, very little stuff... my question is whether they will remove installed items like oven, aircon, etc? I spoke to someone today and was told they will remove the aircon! The pain is not just not having aircon, just that gosh we spent so much time fixing the whole thing cos of some problems and I can't imagine them ripping the whole thing off the wall! The piping and everything how? I can't believe this! Will they really do something like that? What about things like cooker hood, oven? Cutlery??? Plates?? Will they take all and just leave me two plates?? Sigh.. sigh...
Also how many times will this happen? To me this is the most scary part, people coming to my home to carry things away... will this happen just once? Or once per bank? (I owe several banks)
Anyone who can help me with legal advice? Please help... please...
Like I'd mentioned, they should have every right to remove the items in your house to claim back as much credit as they can. This should happen right after you're declared bankrupt but I'm not sure about repeated episode(s)?
Up to this stage, I can only advise you not to imagine too much, prepare for the worst and just nature takes its course... Try to lead a simple life for a change? Try to clear your debt then step back into your life again? Be grateful that you don't end up in jail... (yeah... That's much WORSE than bankruptcy alone?) Take this opportunity to reflect on some things in the past than to imagine unknowns in the future...?
Live your Life now for the things you've been missing all along.... This is my ADVICE for you... Tighten your thoughts too much, and you're just making things difficult for yourself..?