Do you need a bankruptcy lawyer in Singapore? Do you have questions about the process and how it works? If so, The Singapore Lawyer is here to help. We are one of the most trusted law firms in Singapore and we have helped many clients with their bankruptcy cases. We offer a free preliminary consultation to better understand your needs before determining if it’s a good fit for us to work together.
Not sure what you need to know about bankruptcy in Singapore? We are here to help!
We’re known to be one of the best bankruptcy law firms in Singapore because we understand that bankruptcy can be an overwhelming process. That’s why we take a holistic approach by guiding our clients through every step and connecting them with resources for things like credit counseling or bankruptcy education courses. We also offer payment plans so you don’t need to worry about breaking your budget just to get out of debt- this includes bankruptcy fees, legal fees, and other costs associated with the court proceedings.
Frequently Asked Questions About Bankruptcy in Singapore
Why Would Anyone File For Bankruptcy In Singapore?
It’s not uncommon for bankruptcy to be viewed as the last resort for people who are in a desperate financial situation. Bankruptcy can give you relief from overwhelming debt, stop creditor harassment and lawsuits, and pave the way towards rebuilding your credit after bankruptcy. Once you file for bankruptcy, your assets will be managed by the Official Assignee (OA).
Are There Any Benefits To Filing For Bankruptcy?
If you file bankruptcy, your creditors will no longer have the power to collect from or sue you over unpaid debts. This can give relief when they are harassing or suing on a debt that is otherwise beyond their reach. It also provides an opportunity to rebuild credit and start with a fresh slate by taking advantage of secured loans after bankruptcy without having to worry about high-interest rates because of poor credit history.
What Should I Do If My Financial Situation Has Deteriorated Such That It’s Become Unbearable?
Bankruptcy may be necessary if creditors are not responding favorably and attempt at negotiating repayment plans fail. If this sounds like what you’re going through, we recommend exploring all options before bankruptcy.
What Is The Definition Of Being Bankrupt In Singapore?
Bankruptcy is a legal procedure that usually happens when someone cannot pay what they owe. In bankruptcy, creditors are given approval by the bankruptcy court to take whatever property of the debtor (person who owes money) as payment for all or part of their debt. If the defendant’s assets do not cover all debts owed, then he or she may be considered “judgment-proof,” and bankruptcy will have no effect on those debts. A bankruptcy trustee can also sell any remaining assets belonging to the bankrupt party in order to repay some amount of his/her debt. Bankrupts generally need at least one year before filing again because it stays on your record for ten years after you file once.
What Requirements Are There Before Filing For Bankruptcy In Singapore?
There are a few requirements before bankruptcy can be filed in Singapore.
- You must fall under one of the following categories:
- Has property in Singapore
- Has been ordinarily resident in Singapore for at least 1 year
- Has had a place of residence in Singapore for at least 1 year
- Has carried on business in Singapore for at least 1 year
2.You must have at least SGD$15,000 in debt with at least one creditor
What Happens After I Am Being Declared Bankrupt In Singapore?
After bankruptcy, your property is turned over to the bankruptcy trustee. All of your assets (except for certain exempt items) are taken and sold by the bankruptcy attorney in Singapore with proceeds used to pay back as much debt as possible.
What Is The Cost Of Filing For Bankruptcy?
The bankruptcy filing fee is $1,850 to the Official Assignee (OA) to manage the estate and assets of the bankrupt.
How Do I Get Out Of Being Bankrupt?
You can get out of being bankrupt with one of the following ways:
- The bankruptcy order can be annulled by full settlement, or through an offer of composition or scheme of arrangement.
- You are being discharged by the High Court; or
- You are being discharged by the Certificate of the Official Assignee.
Where Can I Get Help With Bankruptcy In Singapore?
You can find bankruptcy lawyers in Singapore with TheSingaporeLawyer.
Bankruptcy may seem like a last resort, but it has been shown to help people get out of debt and start over. If you’ve fallen into an overwhelming amount of debt and are looking for bankruptcy advice or assistance, we recommend you contact one of our civil litigation lawyers in Singapore before making any rash decisions.