The bankruptcy lawyers at PKWA Law provide practical and affordable bankruptcy protection to individuals seeking protection from creditors.
Bankruptcy might be the first thing you think of when you realize that you can’t keep up with your bills and debts. It might even be the right solution for you. But, before declaring bankruptcy, you should know your options, how the bankruptcy process works and how it will affect you and your family. Let us help you decide whether you should file for bankruptcy by explaining what bankruptcy in Singapore is about.
In Singapore, a debtor can voluntarily file for bankruptcy if they owe and cannot repay debts of at least S$15,000. The debtor’s creditors can also make the debtor bankrupt by filing the bankruptcy papers in court.
If the debtor is declared bankrupt, their assets (except for their HDB flat) will be sold, and the proceeds put into a bankruptcy estate.
For most bankrupts, the bankruptcy estate is typically managed by the Official Assignee (OA). However, if the debt is extremely substantial, the creditors may appoint a private trustee in bankruptcy (PTIB), an accountant or lawyer, to manage the bankrupt.