Bankruptcy issue

[klinemv]

Dear friends, Im new to this forum. I have a issue that's been bothering me for a long time since Feb. Well...it goes like this.

Last year I bought a car from this Dickson Capitol dealer. After 10 mths, decided to sell the car. Check with DC the outstanding amount, quoted me as $32K. So I put up my car for sale and got a dealer who's keen in buying my car for $27K. Which means I just need to top-up another $5k to clear everything. When I call DC up and told them abt it, they say they will take my car for $27K also and just top up the balance. So I brought the car to them and they told me to pay them the $5K after they sold the car. 1 week later, they send me a legal letter to demand me pay them $11K instead. When I confront them regarding this issue, they say they only sold for $21K. I felt cheated. So I refuse to pay them the extra $6K. Then they took me to court and sue me bankrupt. I called their lawyer up and explain everything to their lawyer, the lawyer told me not to attend the court hearing coz he will discuss abt the claims with DC. 1 week after the court hearing, court letter came stated I've been declared a bankrupt by the High Court.

I felt terrible after the matter. I went to the Official Assignee and explain the whole matter to them. The OA says DC got documents proof to demand the $11K which include storage fee, advertising, towing, etc. But I told the OA I drove the car to him, he say put there to sell, blah blah blah. I told the OA I have a good job and now the OA wants me to surrender my vehicle becoz it's considered an asset. But my job requires me to own a vehicle because I need to drive my clients around and send samples.

My question is, is there a way to overturn the court order or appeal to the judge or any way for me to keep the vehicle.

Thanks for reading such a longwinded thread.

Cheers

[jpatokal]

I called their lawyer up and explain everything to their lawyer, the lawyer told me not to attend the court hearing coz he will discuss abt the claims with DC. 1 week after the court hearing, court letter came stated I've been declared a bankrupt by the High Court.

Let me get this straight -- you didn't hire your own lawyer, you only called their lawyer? Their lawyer tells you to stay away from court, and you do as he says, so they win by default?

My question is, is there a way to overturn the court order or appeal to the judge or any way for me to keep the vehicle.

Apparently the car company has lots of documents to prove their side of the story. Do you have anything to support yours? Did you get the S$27k quote in writing?

[klinemv]

They claimed to have documents proof but when I ask the OA to show me, the OA refuse. Take me as gullible, yes, I never ask for a written quote when they agreed to take my car for $27K. So meaning there's no case for me? I have to pay whatever shortfall n get on with life?

[jpatokal]

They claimed to have documents proof but when I ask the OA to show me, the OA refuse. Take me as gullible, yes, I never ask for a written quote when they agreed to take my car for $27K. So meaning there's no case for me? I have to pay whatever shortfall n get on with life?

You're telling me you didn't get a receipt or anything showing the agreed price when you handed over the car?

[littlegreenman]

You're telling me you didn't get a receipt or anything showing the agreed price when you handed over the car?

If this is the case there is nothing you can do as you do not have anything to proof your side of the story. You should have sought legal advise earlier and the only thing we can recommend to you is to get your own lawyer now although most likely it is far too late.

[klinemv]

Hi guys, thanks for the advise. I feel its really too late now. But Im quite cheezed off with the OA.
They told me to surrender my car to the bank. I told them I'm making a full settlement. It takes time for the OA to neg with the creditor n if they agree on my offer they'll discharge me. But in the meantime, i can't own a veh. But my work require me to own a veh, (Im in the marble n tiles industry)need to deliver samples, drive client around etc. So they ask me to fax them a copy of my Letter of Employment. After they rec, they(OA), says my letter of employment didn't state I must own a car but got state regards to delivery n driving client. I told them because when I went for the interview, they already say must own car and since i own 1, therefore I was offered the job. And since Im compounding the debt, there's no issue why I can't keep my car. OA say as long as Im undischarge, i can't own a car. I feel this is silly. If I return the car, the bank will auction it off. Any shortfall will throw to OA, meaning the amount will increase. I think this rule is stupid.

Also, they say they will advertise in the papers to see if there's any objection to me being discharge, meaning if there's any other creditors. In Singapore, any debts below $10K cannot sue bankrupt. But if a guy is bankrupt, those other creditors whom the bankruptcy owed less than $10K can file to OA and ask the OA to claime the amount back. I feel this is unfair to the bankruptcy.
It should be case by case issue. How can lump everything into a pot. Dunno what kind of law is this. Everyday, many ppl get sued bankrupt, I think the OA enjoy seeing singaporean gets bankrupt.

Anyway, singapore is a country where only the rich can survice. Money Is King.

[sundaymorningstaple]

I think you will find that in most countries, one you are sued for bankruptcy you have to make full disclosure. Also, most countries will also post notice in the newspapers so that any and all creditors who might have a claim (regardless of the amount) against the bankrupt has time to notify the OA to entitle them to a share of the proceeds of the sale of assets. Them's the breaks. That's the law. Fair? You didn't get anything in black and white so you are as culpable as the car dealer. Better yet, you didn't even bother to engage your own lawyer.

[red red]

dear klinemv, this is the 'dirty open trade secret' of the car dealer and its related financing unit...

many would understand your anger and frustration, but injustices would require you to spend astronomical amount of legal fees to get matter right in singapore. these banks and finance companies would use legal loopholes and all their means to make you suffer in silence.... (with their extensive experiences in this trade, so they know how to hide behind their lawyers without getting caught, they have done this all the time or every now and then ... and they are experts at it)