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