What Can You Expect When Filing For Bankruptcy in Singapore?

No one wants to be faced with being unable to pay their debts but situations are sometimes out of a person’s control. When someone has lost their job or become ill or injured, their debts can quickly begin to mount and lead to problems. When debt becomes more than a person can handle, it behooves them to seek legal help to determine if bankruptcy will be an option. Before a person begins the filing process, they need to know what to expect.

There are many benefits to filing for bankruptcy. When a person files for bankruptcy, their creditors can no longer pursue them and must stop all forms of collection activity. Bankruptcy also stops debts from continuing to balloon so a person can actually rise above their debts and start a new financial future. Before a person can file, they must be meet these requirements:

  • Must own property or reside in Singapore
  • Must owe more than $10,000 in debt
  • Must have run a business or resided in Singapore within the last year before filing
  • Must prove the debt cannot be repaid

The debtor must provide a detailed record of their financial status, including the debts they owe and their assets. The court will carefully review this information when determining whether or not a person will be approved.

Once a person has been approved for bankruptcy, they will have to submit their non-exempt property for liquidation. These are sold to pay off the debts owed. A debtor may also submit a repayment plan to the court to see if it will be approved. This allows them time to pay down their debts in a reasonable manner.

It is important a person acts as quickly as possible so they can be sure they will be able to have their debts taken care of before major consequences arise. If you are dealing with more debt than you can possibly handle, contact the bankruptcy lawyer in Singapore from IRB Law. They will be happy to meet with you and go over your legal options so they can help you overcome your debt as quickly as possible. Call today for your appointment.