What happen if bankrupt? - Printable Version
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What happen if bankrupt? - victortan - 17-01-2024
i got no cpf payout, My friend same trading school have cpf payout i think 1200$, so i ask u kind ppl here
for knowledge..
he want to declare bankruptcy, but his HDB is safe according to what his wife said, cause both are owner.
and creditor cannot force sell hdb flat to recover debt..
will creditor "eat" his cpf life payout to cover his debt to them. He is 65 yrs old.
he ask me, i think he shd ask lawyer, but lawyer got to pay fee...
who to ask for free advise? ty... or if u know the answer do share with us. ty
RE: What happen if bankrupt? - winbig - 17-01-2024
(17-01-2024, 01:07 AM)victortan Wrote: i got no cpf payout, My friend same trading school have cpf payout i think 1200$, so i ask u kind ppl here
for knowledge..
he want to declare bankruptcy, but his HDB is safe according to what his wife said, cause both are owner.
and creditor cannot force sell hdb flat to recover debt..
will creditor "eat" his cpf life payout to cover his debt to them. He is 65 yrs old.
he ask me, i think he shd ask lawyer, but lawyer got to pay fee...
who to ask for free advise? ty... or if u know the answer do share with us. ty
If u or your friend want to chao kuan owe money don't pay, thinking after declare bankrupt can don't pay a single cent then u r wrong. Bankrupt still need to pay back what u owe just that repayment period can be stretched further and creditors cannot sue u.
RE: What happen if bankrupt? - Lukongsimi - 17-01-2024
RA is not CA mah
RE: What happen if bankrupt? - Levin - 17-01-2024
https://io.mlaw.gov.sg/bankruptcy/information-for-bankrupts/impact-of-bankruptcy/responsibilities-and-rights/
RE: What happen if bankrupt? - Gemstar - 17-01-2024
(17-01-2024, 01:07 AM)victortan Wrote: i got no cpf payout, My friend same trading school have cpf payout i think 1200$, so i ask u kind ppl hereThere are CCs who can provide free legal advice.
for knowledge..
he want to declare bankruptcy, but his HDB is safe according to what his wife said, cause both are owner.
and creditor cannot force sell hdb flat to recover debt..
will creditor "eat" his cpf life payout to cover his debt to them. He is 65 yrs old.
he ask me, i think he shd ask lawyer, but lawyer got to pay fee...
who to ask for free advise? ty... or if u know the answer do share with us. ty
RE: What happen if bankrupt? - victortan - 17-01-2024
(17-01-2024, 04:51 AM)winbig Wrote: If u or your friend want to chao kuan owe money don't pay, thinking after declare bankrupt can don't pay a single cent then u r wrong. Bankrupt still need to pay back what u owe just that repayment period can be stretched further and creditors cannot sue u.What is RA is not CA. Ty for sharing
It is RA(cpf life payout or retirement acc)
And CA( creditor account) am I right?
RE: What happen if bankrupt? - sgh - 17-01-2024
(17-01-2024, 04:51 AM)winbig Wrote: If u or your friend want to chao kuan owe money don't pay, thinking after declare bankrupt can don't pay a single cent then u r wrong. Bankrupt still need to pay back what u owe just that repayment period can be stretched further and creditors cannot sue u.
If say the bankrupt person mati liao can the creditors chase after the spouse or children?
RE: What happen if bankrupt? - winbig - 17-01-2024
(17-01-2024, 07:12 PM)sgh Wrote: If say the bankrupt person mati liao can the creditors chase after the spouse or children?Cannot unless the spouse or children are guarantor for the bankrupt person.
RE: What happen if bankrupt? - RiseofAsia - 17-01-2024
Cannot take cab and go for holiday…
You will lead a miserable life if declaring bankruptcy.
Your wife may run road.
夫妻本是同林鸟，大难临头各自飞。
Think twice before declaring bankruptcy.
Bank will not be your good friend anymore.
Talk to your creditor to settle it internally.
Dont resort to bankruptcy.
If you force me further, I will jump into Bedok Reservoir. 一拍两散。
RE: What happen if bankrupt? - victortan - 18-01-2024
(17-01-2024, 11:40 PM)RiseofAsia Wrote: Cannot take cab and go for holiday…Not so critical lah... cannot eat food court then eat at home,, healthy and save money.
You will lead a miserable life if declaring bankruptcy.
Your wife may run road.
夫妻本是同林鸟，大难临头各自飞。
Think twice before declaring bankruptcy.
Bank will not be your good friend anymore.
Talk to your creditor to settle it internally.
Dont resort to bankruptcy.
If you force me further, I will jump into Bedok Reservoir. 一拍两散。
cannot take taxi then take bus and mrt..
but really cannot pay how??? still got kid and family to support.
then how bo pian,, even creditor squueze him dead also no money to pay..
but i hearsay cpf life they cannot take lah... dont know true or not,,
can always ask cpf... tomolo i ask and share here.
RE: What happen if bankrupt? - RiseofAsia - 18-01-2024
(18-01-2024, 04:33 AM)victortan Wrote: Not so critical lah... cannot eat food court then eat at home,, healthy and save money.
cannot take taxi then take bus and mrt..
but really cannot pay how??? still got kid and family to support.
then how bo pian,, even creditor squueze him dead also no money to pay..
but i hearsay cpf life they cannot take lah... dont know true or not,,
can always ask cpf... tomolo i ask and share here.
Bankruptcy is a game for the rich not for the poor.
https://118credit.sg/what-can-happen-when-you-file-for-bankruptcy-in-singapore/
RE: What happen if bankrupt? - Cmpunk - 18-01-2024
CPF won’t help you if everyone request the same how are they going to answer?