Low in­come or over­spend­ing were the most com­mon rea­sons cited for bank­ruptcy.

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your latest CPF state­ments and other sup­port­ing doc­u­ments.

Bankrupts who are em­ployed need to make monthly con­tri­bu­tions to their bank­ruptcy es­tate – the amount will be as­sessed by your Of­fi­cial As­signee, af­ter tak­ing into ac­count your needs and those of your fam­ily’s. That lump sum will then be dis­trib­uted to your cred­i­tors once you’ve been dis­charged from bank­ruptcy.

I’m al­ready bank­rupt. Can my cred­i­tors still sue me?

They can’t sue if they lent you money be­fore your bank­ruptcy. In­form them about your bank­ruptcy sta­tus and for­ward all de­mands for pay­ment to your Of­fi­cial As­signee. How­ever, if you are fined for breach­ing the law, such as for traf­fic of­fences, you will have to pay up ac­cord­ing to its dead­line. The same goes for taxes owed to the In­land Rev­enue Au­thor­ity of Sin­ga­pore.

If I have to sur­ren­der all my bank ac­counts, can I open a new one?

Yes, on the con­di­tion that you ar­range to re­pay your debt in monthly in­stal­ments via Giro and you fully de­clare all in­for­ma­tion to your Of­fi­cial As­signee, who will help you open a new sav­ings ac­count. Oth­er­wise, he or she can close the ac­count. You can still make Giro de­duc­tions, cash with­drawals or use the ATM with this sav­ings ac­count.

Typ­i­cally, banks will ter­mi­nate all your cur­rent credit cards once your name ap­pears in the list of Bank­ruptcy Or­ders. When ap­ply­ing for credit fa­cil­i­ties in fu­ture, you will have to de­clare your past sta­tus as a bank­rupt, and in most cases, your ap­pli­ca­tion will not be ap­proved.

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