Personal bankruptcy applications hit an 18-year high in 2023. Two lawyers examine if this is a cause for concern. Read their commentary:
https://cna.asia/4a7ohvC
(11-03-2024, 10:40 AM)sgbuffett Wrote: Singapore bankruptcy laws re antiquated.
Thee should be automatic discharge after 5 yrs like most advanced countries...it should not be a lifetime sentence...and there should be jn place homestead laws and pension protection so that creditors cannot touch your home and retirement pensions. ...
Our laws are ancient and nit upgraded for too long favoring the banks who know they can take everything and hold the person forever...thus leading to irresponsible lending....because the creditirs have so much power.
Bankruptcy law reform is a must for Singapore.
I hope the opposition takes this up.
(11-03-2024, 10:40 AM)sgbuffett Wrote: Singapore bankruptcy laws re antiquated.
Thee should be automatic discharge after 5 yrs like most advanced countries...it should not be a lifetime sentence...and there should be jn place homestead laws and pension protection so that creditors cannot touch your home and retirement pensions. ...
Our laws are ancient and nit upgraded for too long favoring the banks who know they can take everything and hold the person forever...thus leading to irresponsible lending....because the creditirs have so much power.
Bankruptcy law reform is a must for Singapore.
I hope the opposition takes this up.
(11-03-2024, 10:40 AM)sgbuffett Wrote: Singapore bankruptcy laws re antiquated.
Thee should be automatic discharge after 5 yrs like most advanced countries...it should not be a lifetime sentence...and there should be jn place homestead laws and pension protection so that creditors cannot touch your home and retirement pensions. ...
Our laws are ancient and nit upgraded for too long favoring the banks who know they can take everything and hold the person forever...thus leading to irresponsible lending....because the creditirs have so much power.
Bankruptcy law reform is a must for Singapore.
I hope the opposition takes this up.
(11-03-2024, 10:40 AM)sgbuffett Wrote: Singapore bankruptcy laws re antiquated.
Thee should be automatic discharge after 5 yrs like most advanced countries...it should not be a lifetime sentence...and there should be jn place homestead laws and pension protection so that creditors cannot touch your home and retirement pensions. ...
Our laws are ancient and nit upgraded for too long favoring the banks who know they can take everything and hold the person forever...thus leading to irresponsible lending....because the creditirs have so much power.
Bankruptcy law reform is a must for Singapore.
I hope the opposition takes this up.
(11-03-2024, 02:54 PM)Clyde Wrote: Hdb has never dropped the selling price even in severe recession, unlike private property
(11-03-2024, 03:30 PM)Levin Wrote: Got dropped before lah. In 1997 (Asian Currency Crisis), dropped quite a lot. I remembered my colleague sold his HDB at a loss and moved to a condo.I am referring to the original seller, HDB, not the resale market price. During the AFC, there is almost no new hdb construction. Even if there is, the floor size is much smaller then the older hdb.
2000 also dropped (dot com bubble, maybe 911 also a reason).
2013 dropped but that was mainly due to the unreasonable surge several years earlier due to the US Subprime Crisis. Should have dropped but US printed so much money the HDB prices cheong until 2013 then took a rest.
https://www.hdb.gov.sg/-/media/doc/EAPG-...Chart.ashx
(11-03-2024, 04:02 PM)Clyde Wrote: I am referring to the original seller, HDB, not the resale market price. During the AFC, there is almost no new hdb construction. Even if there is, the floor size is much smaller then the older hdb.
(11-03-2024, 11:49 AM)Blasterlord2 Wrote: Why should there be automatic discharge after 5 years? You want ppl to borrow a large sum of money, declare themselves bankrupt and let their debts be forgiven?
(11-03-2024, 11:28 AM)Bigiron Wrote: Plus chiong tay Tay contestBrag n waste money making tay tay rich only
In order to bragging on social media