I'm Financial shit

ondot SG

I'm presently into some financial difficulties.... Bank is suing me for payment and if I can't pay by end of the month probably will be made a bankrupt. My Loan liabilities is around $70K.

Anyone out there had been a bankrupt before ?? What will I become if I'm made a bankrupt ?? DOes t mean I will lose everything ??

Plssss if anyone can share wif me the experience

Thanks
Ondot

Givache SG

Someone who is bankrupt will be nearly the same as 3rd citizens...
tat means alot of tings canot hav loh..sad to tell u...
unless u r able to clear ur debt, if not then jus to bare with it loh...-_-

kentan SG

your name sounds familiar, in software business.

anyway, bankruptcy prevents you from being officially in any business until you are "discharged" or paid up whatever liabilities. Your debtor(s) can make you sell anything you own, house, car and get back whatever cash they can. If you find work as an employee somewhere, they will want a big chunk of your salary as instalments towards your debt.

The only thing they cannot take from you is your HDB flat, which officially belongs to the government.

Your best bet is to have a discussion with them on how to "restructure" your payments to them. They might agree to avoid getting nothing back. You will have to get a job or get a loan from someone else to pay them. This may stretch over years but you will be able to continue with your business.

You should speak to a friend who is an accountant.

[This message has been edited by kentan (edited 07 March 2002).]

bigdeal SG

kentan is so knowledgable... yeah his right..
my grand uncle was bankrupted when he was 50 yrs old... dunno say wat cannot work la and all sorts of things cannot own also..

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Should I Tell Her?
Or Should I Let Her Go?

Devil1976 SG

Just out of curiosity. Do you think there's a chance of negotiating it out with a bank or finance firm out of the court for settlement of such matters..? Or is it just a necessary red tape step for them when the amount gets too high?

Malbordus SG

all i noe is some ppl will come to your home and stick stickers all over your valuable property (like tv, hifi, fridge, etc...), and then those things will be shifted out and sold at an auction.

heard stories of ppl who 'zhao' the stickers oso lah... juz move your things to your friends' houses, so when the ppl come, your house is empty, and they haf nothing to take... you can move your things back after they leave...

heard that bankrupt ppl can't take taxi too...

joanne SG

hmm..i am working in a Law firm so i have dealt with several cases regarding bankruptcy.. it’s really sad to be a bankrupt cos u really have tonnes of debts to clear as the interest will kip accumulating. i think if u still can afford to hire a lawyer, get one to try appeal to the court for u?

Klactovak SG

Being bankrupt is not as bad as it seems. One of my friend is bankrupt and life goes on. Hey, as long as you've got food to eat, shit to shit, and place to sleep. No problem.

Our needs are few, Our wants are many. 70K is not a big sum. Even if you earn 1K a month, it will take 5 years or so to get out of it. Meanwhile, don't do stupid things.

Take care, mate.

bigdeal SG

did they write that u owe them money on ur doorstep ? Very Happy

joanne SG

*impressed*
70k not alot.. sebastian, u must be rich.. Very Happy

Klactovak SG

Joanne, considering that the average flat is already 100 to 200K, and a car costs about 70K. That's not a lot, really. Not rich though but more than happy with my lot. Wink

Psycho V SG

if i not wrong, if ya bankrupt more than 3 yrs and still cannot pay back, then de debt will be forgotten n de bankrupt status will be removed.

so....take a 3 yr break?

Devil1976 SG

Is that true..? I think it's FAT HOPE lah...? Very Happy

joanne SG

haha..i also think it's a fat hope!!!~
later i ask my collegues then i tell u if it's true..

anyway, devil,klactovak is very satisfied wif his pay..
while we are still at the same line:"it pays so little but it means so much.."
hahaha.. time for u to be satisfied?? Very Happy

ciara SG

i tink.. tink oni nia.. its 5yrs.. den ur guarantor wil hve 2 pay 4 u.. err.. if u hve a guarantor..
den i tink.. u mt nt b able 2 take loans in e future.. nt sure..
tink u beta check w e banks..

Devil1976 SG

Aiya... Behind every Devil got a VERY SAD story one lah... This Devil have got his own financial difficulty...? Life's tough man...? ~Sob, sob...~ :p

Inzaghi SG

Joanne:

70K is not really much lah...its someone annual salary only.. Very Happy

joanne SG

huh? papa u mean ur annual salary is 70k? *look at my clothes* y am i still wearing torn clothings? hmm..spend ur $ all on mistresses!!!!! Very Happy

Inzaghi SG

Joanne:

i said my annual salary got 70K meh??....and hor i never give u allowance meh??....

u spend it all on ur bf liao is it!!.. :p

joanne SG

i gonna sue u for slandering!!! Very Happy hmph~