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Why are more people in Singapore going bankrupt? - Bigiron - 11-03-2024
Why are more people in Singapore going bankrupt?
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
RE: Why are more people in Singapore going bankrupt? - sgbuffett - 11-03-2024
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.
RE: Why are more people in Singapore going bankrupt? - Omnipresent88 - 11-03-2024
(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.
Sound like ahbutt the amdk arse lickers stooge’s is one of them LMAO 😬🤣😂👍
RE: Why are more people in Singapore going bankrupt? - [[ForeverAlone]] - 11-03-2024
Because majority are Sheep in SG. This is why got Scam easily and this is WHY so many people got scam.
A lot go bankrupt , simple a lot follow go into Properties. Feel their job is safe " unless you are civil servant " . Go buy condo so call " invest " and also like to buy and buy. Anything also buy without thinking much. See people buy they also buy.
2nd tier is investment, anyhow buy stocks, invest get burn
3rd tier maybe some is hardcore gamble
RE: Why are more people in Singapore going bankrupt? - Levin - 11-03-2024
For those interested in statistics:
@https://io.mlaw.gov.sg/files/150224NumberofBankruptcyApplicationsOrdersMadeandDischarges_January2024_.pdf
Remove the '@' to get to the PDF file.
RE: Why are more people in Singapore going bankrupt? - Levin - 11-03-2024
(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.
While there is no automatic discharge in Singapore, most are discharged in 3-7 years.
https://ccs.org.sg/bankruptcy/#:~:text=Typically%2C%20first%2Dtime%20bankrupts%20may,the%20Target%20Contribution%20(TC).
RE: Why are more people in Singapore going bankrupt? - K88 shu shu - 11-03-2024
bankrupt does not mean you can't live a wonderful life.
house, car, entertainment all can be under family member name.
RE: Why are more people in Singapore going bankrupt? - Lukongsimi - 11-03-2024
Overspent on credit cards
Gambling
What else?
RE: Why are more people in Singapore going bankrupt? - Bigiron - 11-03-2024
(11-03-2024, 11:05 AM)Lukongsimi Wrote: Overspent on credit cards
Gambling
What else?
Plus chiong tay Tay contest
In order to bragging on social media
RE: Why are more people in Singapore going bankrupt? - [[ForeverAlone]] - 11-03-2024
(11-03-2024, 10:55 AM)K88 shu shu Wrote: bankrupt does not mean you can't live a wonderful life.
house, car, entertainment all can be under family member name.
This is all along " a loophole " even come buying properties. Using family member name.
RE: Why are more people in Singapore going bankrupt? - Blasterlord2 - 11-03-2024
(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.
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?
RE: Why are more people in Singapore going bankrupt? - Clyde - 11-03-2024
Ah butt's idea is scary. Imagine a person bought a huge private property to show off and after losing his job, he continues to live in it as the bank cannot touch his property.
RE: Why are more people in Singapore going bankrupt? - [[ForeverAlone]] - 11-03-2024
I got this army friend, just because he currently renting out his resale flat happy spend and spend. Change handphone like changing clothes. Always buy things partly he feel got another few k spare money on top with his wages.
Maybe he feel even he jobless he still have few k from his rental.
RE: Why are more people in Singapore going bankrupt? - EvertonDiehard - 11-03-2024
Is it any wonder why most S'poreans prefer to be employees rather than entrepreneurs?
RE: Why are more people in Singapore going bankrupt? - webinarian - 11-03-2024
(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.
Wa, you are preparing for yourself arh?
.
RE: Why are more people in Singapore going bankrupt? - Rainforest - 11-03-2024
Because we have super high cost living here
Because we have super expensive government
We are doomed
RE: Why are more people in Singapore going bankrupt? - theold - 11-03-2024
The interest rates jump by about 3% within 2 years. If follow the US rates, more will have gone case. In the US, the rates can be locked in for 5 to 10 years.
RE: Why are more people in Singapore going bankrupt? - red3 - 11-03-2024
Where got bankrupt when HDB keep record high price sales Bo lah sa
RE: Why are more people in Singapore going bankrupt? - theold - 11-03-2024
HDB is a low fixed rate. Not affected. But by the overall economy, the people are also affected.
RE: Why are more people in Singapore going bankrupt? - Clyde - 11-03-2024
Hdb has never dropped the selling price even in severe recession, unlike private property
RE: Why are more people in Singapore going bankrupt? - EvertonDiehard - 11-03-2024
(11-03-2024, 02:54 PM)Clyde Wrote: Hdb has never dropped the selling price even in severe recession, unlike private property
The buyers will never own a HDB since even after paying over $1 million, they will only be lessors. The HDB is the lessee.
RE: Why are more people in Singapore going bankrupt? - Levin - 11-03-2024
(11-03-2024, 02:54 PM)Clyde Wrote: Hdb has never dropped the selling price even in severe recession, unlike private property
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.
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-CSC/2Q2022-RPI-Big-Chart.ashx
RE: Why are more people in Singapore going bankrupt? - SeewhatLook - 11-03-2024
Real singaporean or those first citizen
RE: Why are more people in Singapore going bankrupt? - Clyde - 11-03-2024
(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-CSC/2Q2022-RPI-Big-Chart.ashx
RE: Why are more people in Singapore going bankrupt? - Levin - 11-03-2024
(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.
No lah. My HDB flat is from during AFC. The flat is big (130+m2) and has a nice layout. I think that time is the height of HDB flat layout.
RE: Why are more people in Singapore going bankrupt? - sgbuffett - 11-03-2024
(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?
Places like HK and advanced countries have auto discharge. Such a rule makes the bank more careful in their lending and help prevent long term suffering of those in fjanncial distress often allowing people and families to have a certainty to be able to move on.
Studies show that such a rule will have a positive impact kn delinquencies because banks don't anyhow lend and hence people cannot anyhow borrow.
Singapore's mindset should change. People who owe money don't owe their lives.
RE: Why are more people in Singapore going bankrupt? - Lukongsimi - 11-03-2024
(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
RE: Why are more people in Singapore going bankrupt? - sgbuffett - 11-03-2024
Malaysia implemented revision to 1967 bankruptcy acts to resolve the problem of bankruptcy and hardship caused by it
The law releases 130,000 from bankruptcy per year to allow individuals and families to move on with their lives.
I know such concepts of not punishing people to the maximum is hard to accept in Singapore due to mindset. However, there is positive benefits for society to adopt such changes.
https://www.nst.com.my/news/nation/2023/10/963272/2nd-chance-130000-bankrupt-individuals-amended-insolvency-act-comes-force
RE: Why are more people in Singapore going bankrupt? - Ola - 11-03-2024
Because 61% voted to be retrenched
When they are jobless, cannot pay- off condo mortgage
RE: Why are more people in Singapore going bankrupt? - RiseofAsia - 11-03-2024
Learn from Chao AngMoh, spend first.
Worry later.