When a person is dealing with a vast amount of debt, they often feel hopeless. Individuals sometimes ignore debt in an attempt to make it go away, but this rarely helps. It is imperative a person faces their debt head-on and does all they can to contact their creditors to work out satisfactory payment arrangements. When this is not possible, a person may have the option of filing for bankruptcy. Bankruptcy can help an individual get out of their debt and secure a brighter financial future.
If a person is unable to meet their financial responsibilities, they must meet these requirements to be considered for bankruptcy.
- The applicant must be a Singaporean resident.
- An applicant can be approved for bankruptcy if they owned a Singapore business at least a year before filing.
- The bankruptcy applicant must owe over $10,000 in debt.
- The applicant must be able to prove they are unable to pay their debt.
- An applicant may be considered for bankruptcy if they own property in Singapore.
When a person files for bankruptcy in Singapore, they must inform the Official Assignee of all of the properties they own. This is crucial so liquidation can take place to pay off the debt that is owed by the applicant.
It is vital a person works with an attorney to help them through the process of bankruptcy so they will have peace of mind and they receive the legal guidance they are in need of to make sound decisions in their bankruptcy. Attempting to work without an attorney can be a confusing and fruitless effort for an applicant.
As soon as a person learns they are having difficulty taking care of their financial responsibilities, it behooves them to meet with an attorney so they can gain an understanding of their rights and responsibilities should they decide to pursue bankruptcy.
If you are facing more debt than you can possibly handle, it is important you are aware of your legal rights to file for bankruptcy in Singapore. If you would like further information on the benefits of filing for bankruptcy, visit irblaw.com.sg. They will be happy to help you through the process.