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by thehelper » Sat, 21 Jul 2012 5:16 am
What is the total outstanding debt amount? If your husband feels that he is able to clear them ... he can try. But if the amount is crazily high ... say $200K .. $300K.
Then no point. And under this circumstances ... being made a bankrupt could be a blessing in disguise. Trust me ... life is pretty much the same after being made a bankrupt except :
OA = Official Assignee. The person put incharge of a bankrupt during the period of bankruptcy.
a) Can have only 1 bank account
b) Must fixed a sum to be repaid to OA on a monthly basis, under GIRO and every month die-die must go thru
c) Restricted overseas travel. Need OA approvae. If he fulfills part (b) ... then he will be classify under "Green Zone", which allow him to apply online for overseas travel.
d) If you fail part (b), then he'll be classify as "Red Zone", which will be more troublesome to get overseas travel approval
e) Must make Expediture declaration and record every year to OA
f) Keep finger crossed that OA will put him up for discharge of bankruptcy soon.
Basically, banks will just chase for the full amount.
Let's say if your husband really face bankruptcy, things to note :
1. House, if HDB, then no worries. if private then problem
2. If possible to switch to HDB, please do so
3. Items in the house ... basically those necessity items like fridge, air-con, bed, they'll not take. Things they'll take are TVs, sofas maybe. Expensive paintings or antique ... of course they'll take.
When they serve the "Writ of Summons & Seizures" aka WSS, that is when they'll "seize" your items. But whether they will actually do it or not is depending on them.
There are cases that they don't bother at all. Since most of the time ... most items can't fetch much $$ anyway.
4. Withdraw whatever $$ that he has from all the banks. After being made a bankrupt .. the Official Assignee aka OA will asked where did those $$ goes to. He can just say ... pay for house installment ... daily expenses etc.
The above is just very brief summary. There are alot of other stuffs .. which I have learnt along the way.
Let's help one another.