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If it is the best way to deal with your financial problems, filing for bankruptcy may be for you. This article cannot explain every aspect of the bankruptcy process.
If you still have questions after reading it, you should speak with our bankruptcy lawyers.
If your spouse is able to fulfil his/her obligations as your guarantor, it is unlikely that your spouse will be required to make such an application. This is because Singapore court will not grant a bankruptcy order unless it is satisfied that the debtor is unable to pay his/her debts. This also applies to creditor’s bankruptcy applications.
There is no requirement in law for you to do so.
No, the application will not stay or stop the execution of a writ of seizure and sale.
No. What you can do is file a proof of debt against them. At this point, all their affairs are administered by the OA.
Yes. You should attend the hearing and inform the court that you have attempted to contact your creditor and its lawyers but did not receive any response.
Your creditor’s lawyers will inform the court whether your proposal will be accepted. If so, its lawyers will either apply for an adjournment to monitor your payments, or withdraw the bankruptcy application against you.
If your creditor does not accept the proposal, the court may adjourn the hearing to give you more time to make an alternative proposal, or the court may make a bankruptcy order against you.
If you have filed a debtor’s application and do not attend the bankruptcy hearing, the application may be adjourned to a later hearing date or dismissed by the court.
If a creditor has applied to make you bankrupt and you do not attend the hearing, a bankruptcy order may be made against you in your absence.
To set aside the bankruptcy order, you will need to file a Summons (Bankruptcy) and an Affidavit (Bankruptcy). After filing, you have to serve the documents on your creditor and the Official Assignee.
At the hearing, the court will determine the merits of your application to set aside the bankruptcy order.
The only advantage of getting a divorce is to determine the amount of matrimonial assets your spouse would get. With a divorce, unless you are a guarantor for your spouse’s debts, creditors will not come after you.
However, it is recommended that you not leave your savings in any joint account as a bank may deduct money from the joint account to satisfy part or all of the debt.
If it is a credit line, overdraft facility or credit card account, both of you are jointly and individually liable for the credit spent. You are advised to withdraw your name from the account, and pay off the debt in full and close the account to stop further action against you.
Your spouse’s creditors only have claims over money that is held in your spouse’s name, whether solely or jointly with any other person.
Unless you or your children acted as guarantors for your spouse’s debts or are co-borrowers, your spouse’s creditors cannot touch your money or assets.
However, with regards to non-essential items in your home, it may be different. If your spouse’s creditors have obtained a writ of seizure and sale against such items, you must prove that you alone paid for these items. This prevents the creditors from auctioning off the items. If unsure, always ask an experienced bankruptcy lawyer here in Singapore.
Creditors may make the family members of a bankrupt liable only if the family members are co-borrowers on a mortgage loan, an unsecured line of credit or under a hire-purchase agreement.
Family members may also be made liable if they acted as guarantors for the bankrupt’s debts.
After full payment has been made to a bankrupt’s creditors, the bankrupt shall be entitled to any surplus. However, proceeds from the sale of investments made prior to bankruptcy using CPF monies will be credited into the bankrupt’s CPF Investment Account or Special Account.
A bankrupt is allowed to sell previously owned shares but he is not allowed to purchase any new shares.
Write to the OA office for their investigation.
The debtor who is unhappy with the plan or any modification made to it may file an appeal with the Appeal Panel. The notice of appeal must be filed no later than 14 days as of the OA’s notice of the approved scheme.
The debtor must inform the OA of any change in his personal circumstances, particularly where the change may affect his ability to comply with the terms of the Plan. The OA may then consider modifying the plan.
We understand that you may have questions that are not answered by the above, and are facing problems in relation to bankruptcy whether as a debtor or creditor. Please contact our bankruptcy lawyers and we will have a fruitful consultation on your issues and your available options.
The information contained on this website contains general information about our lawyers, firm and procedures and is not intended to constitute legal advice.
Any person viewing or receiving information from this Website should not act or refrain from acting, on the basis of any such information without first seeking appropriate legal advice.
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Whatever Is Bothering You Won’t Simply Just Go Away. Put Your Mind At Ease And Give Us A Call.
Founded in 1987 and formerly B.Rao & K.S Rajah, Emerald Law LLC provides you with a dynamic team of experienced and passionate lawyers. We pride ourselves in providing clients with legal and practical solutions for all their matters.
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The information contained within this website contains general information about our lawyers, Law Firm and procedures and is not intended to constitute legal advice. Any person viewing or receiving information from this Website should not act or refrain from acting, on the basis of any such information without first seeking appropriate legal advice. Please consult a lawyer for specific review of your case and advise.
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