no matter what... hold out to the last... never file for bankruptcy petition. Let the banks do it.
file yourself and others file against you will have a difference in your considerations for future possible discharge.
The nightmare of bankruptcy is not being a bankrupt. BUT the OAs are the real nightmares.
Let me quote you a source from
http://app2.ipto.gov.sg/IPTOService...forBankruptcy/tabid/376/Default.aspxDischarge by the Court and the OA
Insolvent persons cannot be held in individual insolvency perpetually until their debts are fully settled. For example, in cases where insolvent persons have done their best to make payments and have no assets, or are old, sick and unemployed, the court may, upon application by the OA, the insolvent person or any interested person, discharge the insolvent person. The OA may also in his discretion, issue certificates discharging insolvent persons who have been in individual insolvency for more than 3 years, and their debts do not exceed $500,000, and the conduct of the insolvent persons have been good during the period of insolvency. A discharge by the court or by certificate issued by the OA, releases an insolvent person from all debts provable against him save for a few exceptions. Creditors would not be able to pursue their claims against the insolvent person any further.
If you read the above it "seems" quite reasonable to secure a discharge BUT if you read carefully the whole paragraph contradicts itself greatly. In the beginning of the paragraph, it stated categorically that a person cannot be held insolvent perpetually. - this sound very reasonable and good but hidden somewhere in the middle of the paragraph is OA's discretionary power. This discretionary power borders in Grey areas as there are not clear boundaries of where the discretionary power starts or end.
Friend, if anything at all avoid being a bankrupt. Singaporean are one of the least forgiving people in world no thanks to our Government who had effectively associate a bankrupt to a cheat, dishonest, liar, political defamers, etc etc,... almost anything with negative ca- notations will add well to the list.
My best bet is I rather you go and "ROB" a HARMLESS RICH OLD MAN to pay off your debt than to be a bankrupt. At least an ex criminal you have the yellow ribbon supports to get you back on your feet. As a bankrupt, the future is as bleak as it can gets and all you will have is the belief in yourself that keeps you going and alive. Otherwise... sincerely, do not count on Singaporeans for any kind of support whether emotionally or financially. To Singaporeans, Bankrupts are WORST than criminals.
If you have been following the news, a CFO of a listed company was asked to leave because he was a bankrupt. An ex-bankrupt with monthly stable salary of $6'000 rejected by BANKS to even get a decent credit card.
If you would to ask again, I would say, go rob someone (punt intended) at least in the eyes of most Singaporeans, a robber is easily forgive and forgotten.....not so for a bankrupt as the records would stay for as long as 6 years and thereafter it will still be around albeit "cloak" in darkness while ex inmates ARE protected by LAW to have their records removed after a few years depending on severity of their crime.
Go rob someone, but do not use weapon. Try bare-hands, better if you know some akido etc.
..... truth hurts...