What is Bankruptcy in Singapore?

Bankruptcy is a debt relief option for persons who are insolvent or unable to pay their creditors when their payments are due or whose total debts exceed the value of their assets.

When you declare yourself bankrupt, you are admitting that you are unable to repay your debts and entrusting the repayment of your debts to a Trustee or Official Assignee.

Bankruptcy

Any Singaporean or Permanent Resident (PR) who is unable to repay their debts has the option of filing for Bankruptcy. Still, this option should always be considered in conjunction with all other available debt solutions.

In some cases, a creditor can petition for a debtor to be declared bankrupt if the debtor owes them at least $15,000 in unsecured debts.

If you are worried about:

missed payments, other financial difficulties, you or your creditors are about to proceed with Bankruptcy.

Contact Sg Debtbuster immediately for fast, FREE professional debt advice on PRE Bankruptcy and the full spectrum of other debt solutions that might be available for you.

What impact will Bankruptcy have on me?

You are no longer liable for any outstanding debts listed in the bankruptcy proceedings once you are declared bankrupt. This can provide you with peace of mind, relieve stress, and allow you to make a fresh start.

Stigma as a Bankrupt

Bankruptcy has always had a stigma attached to it, and it has always been regarded as a big no-no or something that should be avoided at all costs. However, with more and more people experiencing debt problems in recent years, it has become increasingly acceptable for someone to declare Bankruptcy.

Is Bankruptcy the best option for me?

At Sg Debtbuster, we take great care to make sure we propose the best solution for you, depending on your circumstances. We will always offer impartial advice and work with you to find the best solution to get you a debt-free life.

Bankruptcy may be best for you if:

You simply cannot find ways to pay off the debts you owe.

It is highly unlikely that your situation will improve.

You don’t own many valuable items such as cars and private properties, and the value of your debts is higher than the value of your assets.

Bankruptcy will not affect future plans such as starting a business.

Unemployed for more than six months.

Bankruptcy may not be best for you if:

Your assets, such as your property and valuables, could pay off your debts.

It may have an impact on your employment – Bankruptcy prevents some professionals from working, such as those in the financial, government, casino, legal and insurance sectors.

Your debts are in joint names, which means that the joint debtor is liable for the whole amount of debt incurred.

You Can Start Afresh

We help our clients thrive in a time of noise and distraction by creating success, experiences that compels people to act. We get behind their life mission and help them to restart.

To start, contact us online or call us at 8818 3816 now, and we will be happy to address the financial strain.