Father Declaring Bankrupt

masterteo SG

Hi,

I would like some advice as my father is declaring bankrupt due to insurmountable gambling debts(200k exclude friends and family debts). Apart from the emotional stress my family is going through, i'm more afraid of the trouble that will arise once he is successfully declared a bankrupt.

I'm entering uni this year and is planning to take up a loan but since my dad's gonna be a bankrupt can he be my guarantor? lol...

will all the items like pc and printers, furnitures and stuff be cleared from house?

if those items are purchased by me and i have already lost the receipts, whats going to happen? i'm putting purchases off now as i'm afraid that they will be gone when the creditors come and i'm not at home to state clearly that certain items are purchased under my name...

oh dear.... any advice? any good temple to introduce, i guess i surely need some spiritual help now....

jojobeach SG

1. No your dad cannot be your guarantor.

Even if he were to sign before he declares bankrupt, you get the loan.. how are you going to service the loan anyway ? If both of you cannot pay... YOU will also become bankrupt.

Also, never become a guarantor to anyone unless you are prepared to pay the loan if it goes into default.

2. Hold off all purchases.

3. The officer will decide what is worth taking. You will need to submit application to claim items that belongs to you and can prove it.There will be other fees involved to reclaim your items from the court.

M the name SG

You can contact Credit Counselling Singapore for help : 1800-225-5227. The line is open from 9am to 6pm, Mondays to Fridays.

And for your info, if your "fxcther" debts does not exceeding $100,000 then, he could have enrolled in the Debt Repayment Scheme(DRS), a voluntary and debt-or-driven scheme which is administered by the Official Assignee under the Bankruptcy Act and the debtors have to repay their debts over a fixed period of time of not more than five years.

digimonfan2008 SG

Hi jojobeach, I was reading this topic with interest as I've seen similar scenes in a local movie where they just took everything in the house. Just out of curiosity, how do the son (threadstarter) prove that some items belongs to him and is paid with his own salary?

I mean, when we buy things, we immediately discard the receipts. Who keeps the receipt. And even if we have the receipts, it's paid in cash mostly, how to prove whose cash is it? Then how to prove son's ownership of items instead of dad's?

Very curious about sg law...

sghank SG

Masterteo, instead of a temple, please consider approaching some counselling service - Family Services, etc.. Don't give up on yor Uni plans, I'm sure if you approach the Uni or Family Services.. someone must be able to help or point you in the right direction. After you have talked to help groups, then go to a temple or whatever for the calmness to think out your options... Really sorry for you predicament...

sghank SG

This thread has contacts for help:

http://sgforums.com/forums/12/topics/330952

jojobeach SG

Very curious about sg law...

The company you purchase item from usually keep a copy right?

But I also very curious. If the money is from dad.he go buy item with daddy money does it mean the item belong to son or father?

Whatever he want to claim, he can only do his best to prove ownership and hopefully its not disputed lor.

MaxCreditPteLtd SG

I will suggested that, at first you contact with experience bankruptcy lawyers . I think that they can give a proper guide line for your problem.

digimonfan2008 SG

The company you purchase item from usually keep a copy right?

But I also very curious. If the money is from dad.he go buy item with daddy money does it mean the item belong to son or father?

Whatever he want to claim, he can only do his best to prove ownership and hopefully its not disputed lor.

If I buy gold coins from UOB, they will have a record of my name, IC no., address...etc.

But if I buy gold from Poh Heng, they don't keep record. Even if they have receipt, the receipt won't have name and ic of customers.

Then how to prove?

Can he move the items he owns to a relative's house first so that it won't be taken by the bank?

Summer hill SG

Hi,

I'm entering uni this year and is planning to take up a loan but since my dad's gonna be a bankrupt can he be my guarantor? lol...

will all the items like pc and printers, furnitures and stuff be cleared from house?

oh dear.... any advice? any good temple to introduce, i guess i surely need some spiritual help now....

hide yo pcs, hide yo printers, hide everything you owe. hide it at a trustworthy's friend house.