Applying for self-declared Bankruptcy in Singapore
What is Bankruptcy?
When a person is unable to pay off his debts, he or she may be declared bankrupt. If the person is declared bankrupt, their assets will be sold and the proceeds put into a bankruptcy estate. The bankruptcy estate will not include assets that are protected from bankruptcy e.g. HDB flats, CPF monies. The person will be listed in Singapore’s bankruptcy register until such time the bankruptcy is discharged.
Debt Repayment Scheme in Singapore
What is the Debt Repayment Scheme (“DRS“)?
The DRS is a sanctioned plan for the debtor to pay off his creditors in accordance with the DRS. The Official Assignee (“OA“) is in charge of administering the scheme.
Why apply for the DRS?
Life As a Bankrupt: After a Bankruptcy Order in Singapore
What happens after Bankruptcy Order is made?
Once you are declared a bankrupt, your assets will form part of your bankruptcy estate and be controlled and managed by the Official Assignee (“OA“). The OA’s role is three-fold:
to oversee the following:
Alternatives to Bankruptcy
Bankruptcy is a drastic option to take. Exploring all your options before going to the last resort of bankruptcy is the prudent course of action. In fact, as bankruptcy is not an instant remedy for the recovery of debts, it is recommended that creditors should not rush to commence bankruptcy proceedings. Therefore, what are some alternatives to Bankruptcy?
Creditor’s Bankruptcy Application in Singapore
Your debtor is not paying you. You’ve sent many letters of demand but there has been no reply. He or she is not picking up your calls. What can you do? The last weapon that a creditor can use is a creditor’s bankruptcy application.
Taking Legal Action? Who Has To Pay And How Much?
Generally, when a party wins a civil suit, the other party may be ordered to pay a sum to cover legal fees incurred by the successful party.
This is known as party-and-party costs. When the court makes an order for party-and-party costs, one party is required to pay a certain amount to the other party.
However, although the winning party is able to get party-and-party costs, this amount usually does not cover the full legal costs the successful party has to incur.
10 Things To Know Before Declaring Bankruptcy In Singapore
Bankruptcy is usually considered a last resort option. You should only file for bankruptcy in Singapore after careful consideration of your options. If it is the best way to deal with your financial problems, filing for bankruptcy may be for you.
Filing for bankruptcy however cannot solve all financial problems. This article cannot explain every aspect of the bankruptcy process. If you still have questions after reading it, you should speak with a bankruptcy lawyer.
Understanding Interlocutory Injunctions
An interlocutory injunction is a temporary order requiring the defendant of the application to do or refrain from doing an act. Wilful disobedience of such an order can amount to contempt of Court.
An interlocutory injunction is an injunction that is limited so as to apply only until the final hearing or final determination by the court of the rights of the parties; and accordingly it issues in a form that requires that, in the absence of a subsequent order to the contrary, it should continue up to but not beyond the final hearing of the proceedings.
Common Conflicts Between Landlords And Tenants
Tenancy disputes between a landlord and their tenant are one of the most prevalent types of disputes in Singapore. They may present as a minor inconvenience and evolve into a court case that takes a long time to be resolved.
We discuss the most common types of tenancy disputes in Singapore and the means in which to resolve them.
Loan Shark Harasement in Singapore
Unlicensed moneylenders, otherwise known as loan sharks are an ongoing and prevalent problem in Singapore. Over the years, loan sharks have resorted to new methods of harassing debtors as authorities increase enforcement measures against loan sharks and their runners. Methods of harassment by loan sharks In the past, loan sharks employed various methods in […]