Bankruptcy lawyers

The bankruptcy lawyers at PKWA Law provide practical and affordable bankruptcy protection to individuals seeking protection from creditors.

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Bankruptcy Specialists

Feeling overwhelmed by debts? Are relentless creditors making your life difficult? Filing for bankruptcy might be a viable solution, but it’s essential to understand the process and its impact thoroughly. As specialists in bankruptcy law, we have a strong track record of assisting individuals through the self-filed bankruptcy process. Our clients appreciate our extensive expertise and transparent, reasonable fees. We can guide you through the crucial aspects of bankruptcy in Singapore and help you decide if it’s the right step for you.

What is Bankruptcy?

In Singapore, bankruptcy can be initiated voluntarily by the debtor or by creditors through court action. Here’s what you need to know:

Eligibility: Bankruptcy can be declared if a debtor owes at least S$15,000 and cannot repay the debt.
Process: Upon declaration, the debtor’s assets (excluding their HDB flat) are liquidated and placed into a bankruptcy estate.
Management: The bankruptcy estate is managed by the Official Assignee (OA). For significant debts, creditors may appoint a Private Trustee in Bankruptcy (PTIB), usually an accountant or lawyer, to manage the estate.

Why Consider Filing for Voluntary Bankruptcy?

(1) Debt Accumulation Ceases

After a Bankruptcy Order is issued, interest on the debt is halted, effectively freezing your debt at a fixed amount.

(2) Manageable Monthly Repayments

Bankrupt individuals make monthly contributions determined by the OA, considering essential living expenses. This amount is often more reasonable than what creditors previously demanded.

(3) Protection from Legal Action

Creditors cannot start legal proceedings to recover debts incurred before the bankruptcy once a Bankruptcy Order is issued.

Why Choose PKWA Law?

Specialised Expertise: We have helped numerous people successfully file for self-filed bankruptcy, ensuring that the process is as smooth and stress-free as possible.
Fixed, Reasonable Fees: We believe in transparency and affordability, offering fixed, clear fees so you know exactly what to expect without any hidden costs.
Comprehensive Support: Our services go beyond just filing. We guide you through every step of the bankruptcy process and help you discharge your bankruptcy when eligible.

Should You File for Bankruptcy?

Before making a decision, it’s important to:

Explore Alternatives: Consider all available options to resolve financial issues, such as negotiating repayment plans with creditors or qualifying for programs like the Debt Repayment Scheme (DRS).
Assess Impact: Evaluate how bankruptcy will affect your financial future and your family. We help you weigh all potential consequences and benefits.

Filing for bankruptcy proactively may be more beneficial than waiting for a creditor’s action, as it can prevent further interest accrual on your debts.

The Costs of Self-Filing

Regardless of who initiates the process, you will be responsible for the associated costs, including a $1,850 deposit to the Official Assignee and other disbursements. Our transparent pricing ensures no surprises.

How We Can Help

Financial Assessment: We thoroughly evaluate your situation and recommend the best solutions tailored to your needs.
Exploration of Alternatives: We explore other remedies, such as negotiating with creditors or identifying eligibility for debt management programs.
Expert Bankruptcy Guidance: If bankruptcy is the right path, we provide comprehensive support throughout the process, including filing and eventual discharge.