singaporelegaladvice
Swipe 👉 to learn more about bankruptcy in Singapore! When a person is declared a bankrupt, their assets (i.e. most property belonging to them - read on for some exceptions) be put into a bankruptcy estate which will be sold to pay off their debts to creditors. If the bankrupt is gainfully employed, they will also be required to make monthly contributions to the bankruptcy estate to fulfil a target contribution that has been set for them. 💰💰 (The proceeds from selling the bankrupt's assets cannot be used to pay off the target contribution.)
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As a bankrupt, your assets in the bankruptcy estate will usually be controlled and managed by an Official Assignee (OA). However, some assets, such as your HDB flat (if at least one owner is a Singaporean), items required for use in your employment and equipment and furniture that your family needs, are considered protected assets and will not form part of the bankruptcy estate to be distributed to creditors.
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Paying off your target contribution is one way of getting discharged from bankruptcy, provided that at least 3 years have passed since the date you were declared a bankrupt (for first-time bankrupts). 🤧 Even if you fail to pay off the target contribution, it’s possible to have your bankruptcy discharged after 7 years, though your name will permanently remain on the public bankruptcy records. 😶 On that note, if you require advice on bankruptcy proceedings and other related matters, remember that legal advice is just one click away (via the link in our bio)! #SingaporeLegalAdvice
Swipe 👉 to learn more about bankruptcy in Singapore! When a person is declared a bankrupt, their assets (i.e. most property belonging to them - read on for some exceptions) be put into a bankruptcy estate which will be sold to pay off their debts to creditors. If the bankrupt is gainfully employed, they will also be required to make monthly contributions to the bankruptcy estate to fulfil a target contribution that has been set for them. 💰💰 (The proceeds from selling the bankrupt's assets cannot be used to pay off the target contribution.)
-
As a bankrupt, your assets in the bankruptcy estate will usually be controlled and managed by an Official Assignee (OA). However, some assets, such as your HDB flat (if at least one owner is a Singaporean), items required for use in your employment and equipment and furniture that your family needs, are considered protected assets and will not form part of the bankruptcy estate to be distributed to creditors.
-
Paying off your target contribution is one way of getting discharged from bankruptcy, provided that at least 3 years have passed since the date you were declared a bankrupt (for first-time bankrupts). 🤧 Even if you fail to pay off the target contribution, it’s possible to have your bankruptcy discharged after 7 years, though your name will permanently remain on the public bankruptcy records. 😶 On that note, if you require advice on bankruptcy proceedings and other related matters, remember that legal advice is just one click away (via the link in our bio)! #SingaporeLegalAdvice