a bit confusing here. I thought u r earning 2.6k and looking for a gf... and u r not confident whether u can find a gf. so how did u end up being bankrupt and with a child?
I am the one who earns $2.6k.....and did I mention I drive a korean car?
a bit confusing here. I thought u r earning 2.6k and looking for a gf... and u r not confident whether u can find a gf. so how did u end up being bankrupt and with a child?
Our Government have changed the bankruptcy laws so that we could be discharge after 3 yrs of being a bankrupt. This is a priviledge given to us so as to encourage us to take higher risk to venture into business. If u do not have any private properties etc, then u should go for bankruptcy. You will feel a great sense of relief.
Assuming you do not wish to go thru bankruptcy, can you clear this dept within 3 years? If you cant then u should definately go for bankruptcy.
Dont be afraid of OA as they are there to help you.
As a bankrupt, you dont owe money to the OA. Therefore its not compulsory that you need to 'pay' the OA a certain fix sum of money every month. This is negotiable and this money collected is used to pay up your debtors.
It is true that after discharge you may have problems applying for loan from banks. However you will be surprised that after discharge from bankruptcy, and thereafter with a good clean record (i.e debt free thereafter and with good job and with ok salary), DBS is willing to issue you credit cards again.
Before you proceed to file for bankruptcy...give it a last shot...talk to the banks and try to arrange for instalments. They will charge u certain interest for your outstandings and you pay off in instalments over an agreed period. Remember that the banks will not sue you for bankruptcy unless you owe them over 10k...
your house will be left alone...the items in your house will have to be proved that they are paid by others...
pls bear in mind that being a bankrupt will have many negative effects on your lives in future...employers may not hire you...you will probably nvr get a loan approved in future..etc...
try to talk to the banks 1st...good luck
I have a friend bankrupt 6 years bankrupt for 110K after paying now outstanding 70K .... jobless BUT OA still die die dont discharge even he was in the green zone ever since day 1. He go see MPs, OA also fuck care. MP even say, you did not pay up what for discharge you?
My poor pal.
Any help anyone?
Change supervisor in OA office to a friendlier one or a lazy one!!!!!
I have a friend bankrupt 6 years bankrupt for 110K after paying now outstanding 70K .... jobless BUT OA still die die dont discharge even he was in the green zone ever since day 1. He go see MPs, OA also fuck care. MP even say, you did not pay up what for discharge you?
My poor pal.
Any help anyone?
If your friend have a good record, its very hard to believe that he/she was not granted a discharge.
I also know of someone who 'owe' the OA money and he was granted a discharge even though he did not pay the outstanding amount.
Dont be afraid of OA as they are there to help you.
As a bankrupt, you dont owe money to the OA. Therefore its not compulsory that you need to 'pay' the OA a certain fix sum of money every month. This is negotiable and this money collected is used to pay up your debtors.
It is true that after discharge you may have problems applying for loan from banks. However you will be surprised that after discharge from bankruptcy, and thereafter with a good clean record (i.e debt free thereafter and with good job and with ok salary), DBS is willing to issue you credit cards again.
I have a friend bankrupt 6 years bankrupt for 110K after paying now outstanding 70K .... jobless BUT OA still die die dont discharge even he was in the green zone ever since day 1. He go see MPs, OA also fuck care. MP even say, you did not pay up what for discharge you?
My poor pal.
Any help anyone?
Got another case... sold HDB flat, OA seized the money pay quite a bulk of it but STILL no discharge.
Bro Subok, can you explain further in your above case, how come OA can seize the proceeds of his HDB sale? They are two examples I know OA may interfere with the sale of the bankrupt's HDB. HDB bought using bank loans & an undischarged bankrupt flat owner of an SPR household. Please read below circular by IPTO.
OA Practice Circular No. 1 of 2009
http://app2.ipto.gov.sg/LinkClick.aspx?fileticket=yQcIUIU87Pw=& tabid=396
Go ahead and file for bankruptcy and operate within the many many loopholes.
Chee Soon Juan n his sister are bankrupts and yet live a carefree and merry life.... One greatest bankrupt was Ho Kok Cheong who was able to live it high travelling 1000 times out of country; move around in limo, stays in mansions and dine in posh places........... there was nothing his creditors could do to him as our OA office is totally impotent; either unable or unwilling to take actions.
I got a fren who was big creditors to Advance Gravis Tan Bee Kee n his wife Yeo Mui Joo...........who had the cheek to apply for discharge despite not having paid her non govt creditors a single cent! Her contribution to creditors fund was $50 monthly despite the fact that she officially earns $3600 month while her husband makes some $4000+
What sort of signal is OA sending the public at large and those who intend to cheat big time their creditors? Out of some 20 creditors with amount owed to the tune of 5 million bucks, almost all creditors din bother to turn up.... luckily one person turned up and objected to her application for discharge!! Otherwise she will be laughing her way to the bank= borrowed 5 mio and no need to pay anymore N can start all over again to cheat creditors