Getting Help with Bankruptcy in Singapore

Unfortunate circumstances happen to people who have made investments. Their financial status is in danger and they may have to end up filing for bankruptcy. Whereas getting help with financial woes used to be an embarrassing situation for many people, bankruptcy is commonplace today. There are many options for people who are planning to file bankruptcy. Chapter 7 bankruptcy is available for those who want to erase all possible debt and start over. Chapter 13 is available for those who want to reorganize their debts. There are bankruptcy lawyers in Singapore who help clients in financial distress. Here are some facts that clients may want to know.

In Singapore, the bankruptcy process is slightly different than in most places. In bankruptcy procedures, the court will appoint an Official Assignee to administer the repayment of the debtor’s bills. On the other hand, the creditor can actually file bankruptcy or insolvency proceedings against the debtor in Singapore. The one who finds himself or herself in a situation of having to file bankruptcy should consult a competent bankruptcy attorney to get the best possible advice. If not, he or she may end up losing everything.

In order to file bankruptcy in Singapore, there are requirements that must be met. The individual must be a resident of Singapore or own property in Singapore. He or she must owe at least $10,000 in bills and be unable to pay them. The debtor must prove that he or she cannot pay the debt. If the creditor is the one filing the bankruptcy proceeding, he or she must prove that the debtor’s liabilities exceed his or her assets. Either way, an attorney will make the process easier.

IRB Law provides legal financial remedies for clients in Singapore, whether they are the creditors or the debtors. In addition to bankruptcy law, IRB also practices law in divorce, criminal law, medical negligence, family law, litigation and the resolution of disputes. The law firm offers free chats for those who want to find out if they have a case. More information about bankruptcy law in Singapore, visit the website of the law firm at