Questions about Bankruptcy?

[toolanliao]

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

haha.. ya. PAP style of civil service is always about interest. their interest has to be taken care of first. in the end the amount you paid is even more than what you initially owed them with 'interest'.

if your company is in financial difficulty and you pay your employees' CPF late, there is interest incurred too. but the interest doesn't go to the employees but to CPF board. why? you owe the employee late payment interest but the CPF board get it.

anyway, if they bankrupt you straight away, its no big deal. nothing will be sold off unless the loan is your housing loan that you are defaulting on. it not bankrupting you but sending you multiple writs of seizures and sales that is stressful. and the cost will be added to the amount you owed.

if you are intending to self-declare bankrupt, i would suggest you not doing it. once you are bankrupt, you won't be discharged after 3 years as some may advise you. some are bankrupt for years and were never discharged even till now. if you die, they go after your estate, that is how heartless these banks are.

 

[Conqueror]

Money = Freedom ?

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

You must have got lots of money then got freedom mah. See how Jet Li can fly here and there as long as he is happy. Got money then you got choice of nationality. Other countries' criteria roughly about the same perhaps.

 

[babuSingh]

Re: Money = Freedom ?

Why not speak to your relatives or close friend to get a "friendship loan" so to tide you over these period?

And you can probably sell your car or other items to get some cash on hand

 

[mrbrightside]

Hi,

where can I find professional consultant? thanks.

I think you need a professional consultant.

 

[Froggy]

Hi,

where can I find professional consultant? thanks.

Bros please don't introduce any Indian gurus here, our friend already down and out so don't push him any further.

 

[Fishypie]

Dont worry bro; being a wouLd-be bankrupt is never a Life-or-Dead situation here..

 

[babuSingh]

My boss used to be a bankrupt caused by a partner asconding with the money. Still remember those days he was without a car and used to tell us that the debt we are paying is nothing compared to his.

But now he has recovered frm bankruptcy and now drives an audi s5 but still spending money like water, always eat at exp restaurants and drink good wine. Heard frm colleague that he is now partying almost every night

Hope this story can spur u on its not the end of the world there are people same situation as you or worse

 

[Narong Wongwan]

clear your PM mailbox TS

 

[mrbrightside]

Thanks, Bro.

Dont worry bro; being a wouLd-be bankrupt is never a Life-or-Dead situation here..

 

[Narong Wongwan]

Hi,

where can I find professional consultant? thanks.

No such things........these so called consultants are just trying to scam money.
Banks do not negotiate with 3rd parties over your debt, these consultants cannot help you much and they want to charge you a fee.
Talk to the banks yourself, they are not loansharks and they only want to recover their money

 

[mrbrightside]

Thanks Bro.

You are right. It is not bankrupting you but sending those writs of seizures, etc. I am weighing the balance between talking to banks and bankrupt.

anyway, if they bankrupt you straight away, its no big deal. nothing will be sold off unless the loan is your housing loan that you are defaulting on. it not bankrupting you but sending you multiple writs of seizures and sales that is stressful. and the cost will be added to the amount you owed.

if you are intending to self-declare bankrupt, i would suggest you not doing it. once you are bankrupt, you won't be discharged after 3 years as some may advise you. some are bankrupt for years and were never discharged even till now. if you die, they go after your estate, that is how heartless these banks are.

 

[chonburifc]

No such things........these so called consultants are just trying to scam money.
Banks do not negotiate with 3rd parties over your debt, these consultants cannot help you much and they want to charge you a fee.
Talk to the banks yourself, they are not loansharks and they only want to recover their money

Good advice. Have to be humble when talking to the banks. Work on a repayment schedule

Afterall, the bank staffs only want to answer to their top.

 

[cunnilaubu]

TS, you can also seek help from the Credit Counselling Singapore (http://www.ccs.org.sg/).
They will look at your problem and help to draw up a debt repayment programme.

The service, I think, is FOC.

 

[no_faith]

Re: Money = Freedom ?

Why not speak to your relatives or close friend to get a "friendship loan" so to tide you over these period?

when u wan to loan from them, all will sudden vanish.

 

[mrbrightside]

Thank you, Sir!!!!

TS, you can also seek help from the Credit Counselling Singapore (http://www.ccs.org.sg/).
They will look at your problem and help to draw up a debt repayment programme.

The service, I think, is FOC.

 

[mrbrightside]

Re: Money = Freedom ?

Does "friendship loan" exisit? we will know who are the true friends. Cheers, bro!

when u wan to loan from them, all will sudden vanish.

 

[mrbrightside]

Re: Money = Freedom ?

whats the definition of "writs of seizures" and when will banks apply this? Cheers!

 

[wendychan]

The MP will tell you to fly kite .

why? isn't there my sis in law PAP mP with a husbaand (ie my half brother) with rumored similariteis?

 

[looneytan]

But now he has recovered frm bankruptcy and now drives an audi s5 but still spending money like water, always eat at exp restaurants and drink good wine. Heard frm colleague that he is now partying almost every night

he, like Sam, came back from the death and live everyday to its fullest

 

[Froggy]

This thread is another reason that keeps people coming back - informative, helpful and quick from members. Good one guys.