Questions about Bankruptcy?

[mrbrightside]

Hi,

If banks want to sue you for bankruptcy, will they take away your flat, TV, furnitures, watches, etc? If I declare bankrupt, what are the consequences? They take away your flat, TV, everything from you flat, etc? What can I do and what I cannot do? Will banks force me to return payment of everything I owe them or just return certain percentage?

Can I still go for travel for business trip? I cannot take taxi? Must take public transport? Will my family members be affected?

Can anyone provide me more information about been bankrupted? How would their lives be? Anyone here experienced this type of life before?

Thanks.

 

[IamHandsome]

I think you need a professional consultant.

 

[Narong Wongwan]

Why declare bankrupt?
Talk to the banks to repay slowly without interests.
They cannot take away if it's HDB flat but they will persuade you or your wife to sell the flat, of course you dun listen to them.

 

[PAPIBCHIEF]

go see your PAP MP. They will help you out to talk to the banks

 

[apogee]

If I am a bankrupt in Singapore, am I also a bankrupt in Hong Kong?

 

[I_Hate_Pappies]

Not too sure about the proceedings, but if too "shiong" for you just declare bankruptcy. Many multi-millionaire i knew were once bankrupt. They worked their way through and climb to the top. Even better than they once were.

 

[Fishypie]

Why declare bankrupt?
Talk to the banks to repay slowly without interests.
They cannot take away if it's HDB flat but they will persuade you or your wife to sell the flat, of course you dun listen to them.

If you take up Loan with CommerciaL banks ; then good Luck, they wiLL have the 1st charge; and can seLL off
your HDB fLat. However, if you are under HDB's umbreLLa; no other creditors can Lay cLaim to possess your fLat;
hence never be tempted to switch your housing Loan, even though you may get some hard cash in return..

 

[Narong Wongwan]

If you take up Loan with CommerciaL banks ; then good Luck, they wiLL have the 1st charge; and can seLL off
your HDB fLat. However, if you are under HDB's umbreLLa; no other creditors can Lay cLaim to possess your fLat;
hence never be tempted to switch your housing Loan, even though you may get some hard cash in return..

Yes forgot about that.
I think that's the main reason they let in the banks back then.
Do HDB repossess HDB flat if default on HDB loans as well regardless of bankrupt or not.

 

[I_Hate_Pappies]

Yes forgot about that.
I think that's the main reason they let in the banks back then.
Do HDB repossess HDB flat if default on HDB loans as well regardless of bankrupt or not.

I thought we had a thread on repossession of flat by HDB due to unpaid "rental with interest".
Bankruptcy case, HDB may harass one to downgrade so as to minimise outstanding risk.

 

[Fishypie]

Yes forgot about that.
I think that's the main reason they let in the banks back then.
Do HDB repossess HDB flat if default on HDB loans as well regardless of bankrupt or not.

No, highLy unLikeLy; unLess you have 'misused' your fLat.HDB have some schemes and options that aLLow
a fLat owner who's in unexpected financiaL hardship to tie over a period of time, and i have been through that..
:o

 

[I_Hate_Pappies]

No, highLy unLikeLy; unLess you have 'misused' your fLat.HDB have some schemes and options that aLLow
a fLat owner who's in unexpected financiaL hardship to tie over a period of time, and i have been through that..
:o

I think they do so, but bankruptcy case might be slightly different.

 

[Narong Wongwan]

I think they do so, but bankruptcy case might be slightly different.

I know if dun pay conservancy they haul youto court.
So if you default on HDB loan for long period I am sure they have something to deal with such people

 

[chonburifc]

What is the amount involved? Too small not worth it. Freedom to get out of Sinking land at will is priceless.

 

[I_Hate_Pappies]

I know if dun pay conservancy they haul youto court.
So if you default on HDB loan for long period I am sure they have something to deal with such people

Maybe that fucker cow can offer $8 package all in per month?

 

[Fishypie]

It's ppL of our past 2 gens that are scared to 'Lose-face', and wouLd do anything to stave off bankruptcies; now
which younger gen cares 2 hoots' about being made a bankrupt ? ..
Btw; our bankruptcy Laws here are quite Lenient..

 

[Froggy]

What is the amount involved? Too small not worth it. Freedom to get out of Sinking land at will is priceless.

si-gin-na mai-ga-lang-pai-si hor

 

[tanakow]

go see your PAP MP. They will help you out to talk to the banks

The MP will tell you to fly kite .

 

[Froggy]

The MP will tell you to fly kite .

Or worse give you a lecture not to be in shit again and send you home.

 

[Fishypie]

They more you owe, the more protected you shaLL be ..
Your creditors can't iLL afford to Let you die !

 

[cunnilaubu]

Go to IPTO's website for more info - www.ipto.gov.sg