To those who are bankrupt

Daveteo SG

Anybody here is a bankrupt?

Mind sharing how you become a bankrupt?

Very curious to hear your stories..

ChoCoChips SG

i play 4d....

too fierce..

Dondontan SG

Do you need this info for publishing a book?

Daveteo SG

i play 4d....

too fierce..

You become a bankrupt from playing 4D?

First time I heard of people become bankrupt from playing 4D

Is this a joke or you are saying the truth?

Daveteo SG

Do you need this info for publishing a book?

No. But you give me the idea of publishing a book on stories of people who went bankrupt..

but got no publisher leh..

Dondontan SG

No. But you give me the idea of publishing a book on stories of people who went bankrupt..

but got no publisher leh..

It can be done if you have connection with publishers from any countries.

Daveteo SG

It can be done if you have connection with publishers from any countries.

No connection leh..

BuySellGames SG

You become a bankrupt from playing 4D?

First time I heard of people become bankrupt from playing 4D

Is this a joke or you are saying the truth?

It's possible. i know of a fren's dad who owed hundreds of K just playing 4d.

cos kip using credit card to buy

Daveteo SG

It's possible. i know of a fren's dad who owed hundreds of K just playing 4d.

cos kip using credit card to buy

whats kip?

You mean he use credit card to buy 4d, got no money to repay the credit card debts and than become bankrupt?

BuySellGames SG

kip means keep.

yup. cos u use credit card, if u don't pay back at the end of the month right. interest will start increasing the loan debt.

somemore he got many many credit cards. so each one he can just use 10K or so, add up alot liao.

Daveteo SG

How does a person become a bankrupt?

When he cannot pay the debts, the banks sue him and the judge will order to check all his bank accounts and assets and freeze them so that he cannot transfer the money out and if the remaining outstanding amount is more than 10k than he becomes a bankrupt?

After he become a bankrupt, if he is working he have to make a monthly deduction from his bank account to pay for the debt?

What happens if he is not working? Will the judge check regularly if you are working so that he can order to start deducting a monthly payment from your salary to settle the debt or how?

BuySellGames SG

When a person goes bankrupt, his bank accounts money will entirely be taken away. A court official will go to his house and record all assets. He must prove whatever assets that is not his in order to keep it. If he can't prove that it's not his, it will be taken by the Court for auction. The $$ earned will help clear part of his debts.

After he become bankrupt, part of his salary monthly will be given to the court to clear his debts. There will be one person appointed to him. He must report all his actions to the person [ this person is not family member. is someone working for the court. ]

As for not working i think they willl find ways to help find him a job bah.

Daveteo SG

Want to check..What are the procedures when a person is made bankrupt?

If the person do not pay or do not have money to pay, the plantiff can go to court and the judge will order to freeze all the person's bank accounts and assets to pay to the plantiff?

If the remaining outstanding amount is more than 10k, the person becomes a bankrupt?

If the person is working, the remaining outstanding amount he will have to make monthly installments?

What if the person is not working?

How about if the person like have a joint bank account with his parents? Can the judge also freeze this joint bank account and use the money to pay the plaintiff?

If the person have a flat with his parents, can the judge order him and his parents to sell off the flat to pay the debt? Sounds abit unreasonable right for the judge to do so because the parent is a innocent party plus this will make his whole family become homeless..

BuySellGames SG

Honestly I do not know all the details lol. u should go to government website to check.

But i know that the last one not applicable. Court cannot force him to sell the flat.

But he is staying with his parents right, his parents must be careful to prove all the things inside their hse belongs to them using documentations [ e.g car u can prove who's the owner ] if cannot prove, i think will be taken by court.

Daveteo SG

As for not working i think they willl find ways to help find him a job bah.

What if the person transfer all his money from his bank account to his parents/spouse account before the judge could issue a order to confiscate all his bank account money?

Can the judge order his parents/spouse to transfer out the money to pay the plantiff?

How about like joint bank accounts that he have with his spouse/parents? Joint house ownership with his parents/spouse etc?

Can the judge order to confiscate the joint bank account and joint flat ownership too? Like that not very fair to the other bank account owner and flat owner right? And it sounds unreasonable that because this guy own debts, the judge than order to sell the house and his entire family than become homeless..

Daveteo SG

Honestly I do not know all the details lol. u should go to government website to check.

But i know that the last one not applicable. Court cannot force him to sell the flat.

which government website?

maybe you can do us a favour by checking it online than post the link or information here for all of us..hehe

As romanista2001 SG

the important thing is how to get away with being a bankrupt...............6 or 7 years later will be discharged, right ?

regardless how much you've repaid the debt.....................so how to ''get'' a bigsum and then declare bankruptcy and then repay a fraction of it..............

Daveteo SG

the important thing is how to get away with being a bankrupt...............6 or 7 years later will be discharged, right ?

regardless how much you've repaid the debt.....................so how to ''get'' a bigsum and then declare bankruptcy and then repay a fraction of it..............

Yup. I think like for example you borrow a large sum of money from the bank and before they can sue you for not repaying it, you transfer all the money to your spouse or parents.

Any valuable assets like labtop etc don't keep it in your house. Keep it with your friends or relatives house 1st and after the court official is gone, he can bring back the things to his house..

If he is working than inform the HR department to pay the salary into his spouse or parent bank account and than tell the judge that he is not working so cannot make the monthly instalment payment. Not sure if the court will check his cpf account anot because if got money enter into his cpf every month than the court will know that he is working already..

Is this a good idea?

BuySellGames SG

I think you transfer to spouse / parents ,the money will still be taken.

That's why u see most cases is that the parents divorce, so at least the bankrupt party holds all responsbility. it's better this way.

Yeah maybe the assets u can keep in other ppl place is better.

As for the income part I think you better don't do that. if get caught it's very serious. it's like almost avoiding income tax.

As for CPF, govt will not take.

Daveteo SG

I think you transfer to spouse / parents ,the money will still be taken.

That's why u see most cases is that the parents divorce, so at least the bankrupt party holds all responsbility. it's better this way.

Yeah maybe the assets u can keep in other ppl place is better.

As for the income part I think you better don't do that. if get caught it's very serious. it's like almost avoiding income tax.

As for CPF, govt will not take.

I don't think if money transfer to parents can be taken back. because you can say that you give the money to parents is because you want to pay them for taking care of you, you had previously taken a loan from them and now you repay back the loan etc..

If cpf govt don't take than maybe can use your money to top up your cpf account, next time you can even use the cpf money to buy a flat so very worth it..