MBS = Bankruptcy

[urgg]

Originally Posted by hunter12

thank bros for all the advice, will b meeting a friend's friend whom is a lawyer or legal aids.. after that will go approach the debts consultancy ppl. hope everything turn up well.

Best Of Luck Bro. look forward to a better 2015!

[HonkyTonkyMan]

I finally got my discharge a few weeks back after 10 years in bankruptcy. But I think a lot of people has the wrong idea of being a bankrupt. They think cannot travel or drive a car. Not true, as long as all these are not paid by you. OAs are not bothered about bankrupts as long as you don't play punk with them like not submitting annual SA on time or travelling without applying for a permit or not paying monthly instalments. All these are just minor inconveniences, the SA only do once a year and the permit to travel is normally valid for 6 months. It depends on what zone you are in, as long as you are in the green zone, everything should be ok.

[urgg]

Originally Posted by HonkyTonkyMan

I finally got my discharge a few weeks back after 10 years in bankruptcy. But I think a lot of people has the wrong idea of being a bankrupt. They think cannot travel or drive a car. Not true, as long as all these are not paid by you. OAs are not bothered about bankrupts as long as you don't play punk with them like not submitting annual SA on time or travelling without applying for a permit or not paying monthly instalments. All these are just minor inconveniences, the SA only do once a year and the permit to travel is normally valid for 6 months. It depends on what zone you are in, as long as you are in the green zone, everything should be ok.

Bro HTM, Congrats!

All the best!

[HonkyTonkyMan]

Originally Posted by urgg

Bro HTM, Congrats!

All the best!

Thanks bro, it like a load off as officially no longer bk, thou it didn't really present much of a hindrance to my day to day life.

[urgg]

Bros & Sis. The spirit of Christmas should not be just for one day but for the whole year! Wishing you love, joy and peace the whole year round.
Merry Christmas

[FT86]

Originally Posted by HonkyTonkyMan

I finally got my discharge a few weeks back after 10 years in bankruptcy. But I think a lot of people has the wrong idea of being a bankrupt. They think cannot travel or drive a car. Not true, as long as all these are not paid by you. OAs are not bothered about bankrupts as long as you don't play punk with them like not submitting annual SA on time or travelling without applying for a permit or not paying monthly instalments. All these are just minor inconveniences, the SA only do once a year and the permit to travel is normally valid for 6 months. It depends on what zone you are in, as long as you are in the green zone, everything should be ok.

I am curious bro.. So when u discharge.. Means u fully paid up all your outstanding debts to the creditor whom sue u bankrupt? Or?? Pay a sum monthly until certain years n then discharge??

[HonkyTonkyMan]

Originally Posted by FT86

I am curious bro.. So when u discharge.. Means u fully paid up all your outstanding debts to the creditor whom sue u bankrupt? Or?? Pay a sum monthly until certain years n then discharge??

No, my debts owing to my creditors still not cleared but I was discharge at discretion of Official Assignee. OA has the power at their discretion to discharge a bankrupt if the debt remaining is less than 500k and they have been in bankruptcy for at least 3 years. Another alternative is during your bankruptcy if you suddenly come across a windfall, you can offer OA to settle the whole debt. In this case, your bankruptcy will be annulled and your bankrupt record will be struck off. However, credit bureau might still retain the records for I think 5 or 6 months.

Fyi in Singapore unlike Hong Kong which I heard, there is no such thing as auto discharge after a period of years been a bankrupt. Hong Kong I was told is 4 years.

[FT86]

Originally Posted by HonkyTonkyMan

No, my debts owing to my creditors still not cleared but I was discharge at discretion of Official Assignee. OA has the power at their discretion to discharge a bankrupt if the debt remaining is less than 500k and they have been in bankruptcy for at least 3 years. Another alternative is during your bankruptcy if you suddenly come across a windfall, you can offer OA to settle the whole debt. In this case, your bankruptcy will be annulled and your bankrupt record will be struck off. However, credit bureau might still retain the records for I think 5 or 6 months.

Fyi in Singapore unlike Hong Kong which I heard, there is no such thing as auto discharge after a period of years been a bankrupt. Hong Kong I was told is 4 years.

Ah.. So meaning if OA Dulan u.. They can don't discharge u... But if they like u, they can discharge u...

But if u discharge.. Means your credit bureau also settle Swee Swee after 6mths?? So can take bank loans etc again?

[Phychopath]

Originally Posted by HonkyTonkyMan

No, my debts owing to my creditors still not cleared but I was discharge at discretion of Official Assignee. OA has the power at their discretion to discharge a bankrupt if the debt remaining is less than 500k and they have been in bankruptcy for at least 3 years. Another alternative is during your bankruptcy if you suddenly come across a windfall, you can offer OA to settle the whole debt. In this case, your bankruptcy will be annulled and your bankrupt record will be struck off. However, credit bureau might still retain the records for I think 5 or 6 months.

Fyi in Singapore unlike Hong Kong which I heard, there is no such thing as auto discharge after a period of years been a bankrupt. Hong Kong I was told is 4 years.

Thanks for sharing this bro, it was very insightful

[tailorman]

[QUOTE=DO_YOU_BJ;12301825]You're not in a very good situation. Let me try to answer your questions

Q1 - i'm staying in HDB with bank loan, the flat is under both my wife n my name, if i am sue by the bank for BK, can the bank apply to take over the flat and sell it even though only i owe them money but the flat is under 2 names.
Yes, the bank can take over the flat & sell below valuation & return the amount owed to your wife based on 50/50 split

HDB flat is protected against bankruptcy so need not worry about the flat. The OA will not do anything to it.

Q2 - base on the bank can apply to take over our hse scenioro, if before the bank sue me for BK, i tranfer the flat to my wife alone, can the bank find fault with this arrangement? can they still apply to take over the flat?
Since the filing for bankruptcy has been done, you cannot move any assets anymore. Basically, you are already legally LOCKED in your current predicament

Q3 - any bros know that is bank sue me for BK, i definately have to go to court to declare BK right? how does it go about it?
[COLOR="Red"]This part I not sure. My experience was accompanying a good bro who self declared bankrupt instead of banks suing him. But he did hv very good legal counsel. Maybe you should visit them & see how they can assist you to your advantage?

Go for self bankruptcy, it will save you time and money. If you wait for the banks to sue you, they will stick their legal letter on your flat and the banks' legal fees will add to your debts.
http://sgdebtbuster.com/index.html

[tailorman]

Originally Posted by FT86

Ah.. So meaning if OA Dulan u.. They can don't discharge u... But if they like u, they can discharge u...

No lah... You need to make effort to get yourself discharge too. Example, volunteer to increase the monthly contribution, cooperate with them and most importantly submit the statement on time.

You should be discharged after 3 to 4 years if debts is about 30% paid off if you are ""öbedient"

But if u discharge.. Means your credit bureau also settle Swee Swee after 6mths?? So can take bank loans etc again?

First few years hard to take loans, credit cards...
Get a debit card card first, follow by $10k secured credit card to build up credibility....If not really Tan Gu Gu

[Beretta]

Originally Posted by FT86

Ah.. So meaning if OA Dulan u.. They can don't discharge u... But if they like u, they can discharge u...

But if u discharge.. Means your credit bureau also settle Swee Swee after 6mths?? So can take bank loans etc again?

I have heard it also depends on whom you owe your debts to. If it is a private entity easier to get discharge. If it is to a Stat Board or Govt Agency than you better wait long long.

[tailorman]

Originally Posted by Beretta

I have heard it also depends on whom you owe your debts to. If it is a private entity easier to get discharge. If it is to a Stat Board or Govt Agency than you better wait long long.

Not true - some debts in govt cannot be waived off. You will need to pay them back after discharge.
OA will put up the proposal to the creditors and some of these people handling the account reallybut most will listen to the OA recommendation.

[hunter12]

hi, i get my answer regarding on the HDB flat issue. if it is a HDB, regardless HDB loan or bank loan the OA will not touch or cannot touch. If it is private like condo, landed than it will be a issue liao.

Thanks again to all bros for the advise and encouragement..

[HonkyTonkyMan]

Originally Posted by FT86

Ah.. So meaning if OA Dulan u.. They can don't discharge u... But if they like u, they can discharge u...

But if u discharge.. Means your credit bureau also settle Swee Swee after 6mths?? So can take bank loans etc again?

Well if one play punk by being uncooperative with OA, naturally OA has rights to not to consider the bankrupt for discharge. That why they have the Green and Red Zone to see who are the bad hats.

How long it takes the CB to take your name off, I not too sure but I had read previously it would normally take 6 months or so. For loan, even if credit bureau take your name off the list, also difficult to get loans from bank. They have other ways of finding out one credibility.