If a borrower owes a debt of at least $15,000 that cannot be repaid, then either the borrower or creditor may file a Bankruptcy Application with the High Court. There are consequences to being declared bankrupt such as restrictions to travelling overseas and access to credit.
However, if one has exhausted all other options for repaying his /her debts, bankruptcy is an option for consideration.
Language: English
Presented by Credit Counselling Singapore.
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Visit Credit Counselling Singapore – https://www.ccs.org.sg
Information on Bankruptcy – https://io.mlaw.gov.sg/bankruptcy/who-is-the-official-assignee/
Take our Online Debt Management Course – https://www.ccs.org.sg/get-help/odmc/
Address a Debt Problem – https://www.ccs.org.sg/debt-management/
Arrange for Financial Counselling – https://www.ccs.org.sg/get-help/appointment-documents/
Download Counselling Request Package – https://www.ccs.org.sg/sdm_downloads/crf/
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