When a bankruptcy search is carried out in Singapore, it is usually done by any individual who wants to determine if they are otherwise bankrupt or not. The Singapore High Court considers any individual unable to repay more than $15, in debt bankrupt. SECTION 1 INTRODUCTION TO SINGAPORE INSOLVENCY LAWS Singapore accepts insolvency to be a corollary of a healthy entrepreneurial and risk-taking business culture. Its insolvency laws have been developed over the years providing a platform to manage the competing interests of corporate borrowers facing financial difficulties on one hand, and lenders seeking to recover their . Apr 20, · Impact of COVID (Temporary Measures) Act on bankruptcy and winding up applications. Part 3 of the Covid (Temporary Measures) Act has introduced modifications to the Bankruptcy Act, Companies Act and the Insolvency, Restructuring and Dissolution Act having an impact on bankruptcy and winding up applications, applicable for up to 6 months from 20 April .
Unfortunately, your bankruptcy will impact any joint account holders or cosigners. While your liability for the debt is removed upon bankruptcy discharge, the cosigner is on the hook for the entire balance of the debt. Your bankruptcy protection does not extend to your joint applicants or cosigners. Creditors are still allowed to collect from or even sue the cosigner for the debt. A bankruptcy discharge does not impact the credit reporting time limit for bankruptcy , which is seven years from the date of filing for Chapter 13 bankruptcy and ten years from the date of filing for Chapter 7 bankruptcy.
Accounts associated with bankruptcy may be deleted from your credit report before the bankruptcy, particularly if the date of delinquency preceded your bankruptcy filing.
However, the bankruptcy will continue to be listed on your credit report in the public records section for the allowed time limit. United States Courts. Legal Information Institute. Exceptions to Discharge. Accessed March 13, Consumer Financial Protection Bureau. Glossary Debt Collection Reducing Debt. Managing Your Debt Glossary. Full Bio Follow Linkedin. Work trips will have to be supported by a company letter. If your job involves frequent travel, you can make a block booking for your travel periods instead of applying for each trip.
He is an experienced lawyer with an excellent reputation across a broad selection of practice areas including divorce, insolvency, crime, probate, syariah, and civil litigation. See profile.
Guide to Bankruptcy in Singapore: Private Individuals. What is bankruptcy? Who is an Official Assignee in Singapore? What are my restrictions as a bankrupt individual in Singapore?
How long must I remain bankrupt? What happens if half my creditors still object to me being discharged from bankruptcy? What happens if I have been bankrupt before, when will I be able to get discharged as bankrupt? How long does bankruptcy stay on my record? How can I apply to be a discharged bankrupt? As bankrupt, can my past creditors still sue me? What happens to my belongings when I become bankrupt? Items that you will have to give up , however, include investments, bank accounts, and insurance policies, for instance.
Can I get a credit card if I go bankrupt? Can I travel overseas? About the author. If your surplus income exceeds the minimum amount set by the government your bankruptcy can be extended for a longer period of time.
If you are a first time bankrupt and your surplus income is too high you may not be eligible for an automatic discharge for 21 months as opposed to 9 months. If you are a second time bankrupt, your bankruptcy period will be extended from 24 months no surplus income to 36 months you have surplus income.
If this is your first or second bankruptcy, you are eligible to receive an automatic discharge based on the conditions noted earlier. There are, however, a few reasons why you would not receive an automatic discharge the most common of which are:.