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We know your situation is stressful and uncertain, but we’re here to help.
Tembusu Law offers affordable legal services for those in need of bankruptcy protection.

We help people file for bankruptcy relief and provide guidance through the bankruptcy process.
Our bankruptcy lawyers in Singapore are ready to assist you.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”https://api.whatsapp.com/send?phone=6588860278&text=I%27d%20like%20to%20speak%20to%20a%20lawyer%20about%20my%20case.%20Please%20contact%20me%20to%20arrange%20for%20a%20free%20consultation.%20~%20www.tembusulaw.com” url_new_window=”on” button_text=”CONTACT US NOW FOR A FREE CONSULTATION” button_alignment=”center” _builder_version=”4.17.4″ _module_preset=”default” background_layout=”dark” global_colors_info=”{}”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https://images.unsplash.com/photo-1528747354767-89476f71d2a3?crop=entropy&cs=tinysrgb&fm=jpg&ixlib=rb-1.2.1&q=80&raw_url=true&ixid=MnwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8&auto=format&fit=crop&w=1740″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” custom_margin=”|auto|-102px|auto||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_cta admin_label=”Feature 01″ _builder_version=”4.27.0″ header_font=”||||” header_text_align=”left” header_text_color=”#1f1f1f” header_font_size=”30px” header_line_height=”1.4em” body_text_color=”#444444″ body_font_size=”16″ body_line_height=”1.9em” use_background_color=”off” text_orientation=”justified” background_layout=”light” max_width=”1124px” module_alignment=”left” custom_margin=”|-407px||||” custom_padding=”|||” animation_direction=”bottom” hover_enabled=”0″ header_font_size_tablet=”” header_font_size_phone=”28″ header_font_size_last_edited=”on|phone” custom_css_promo_button=”color: #fff;” saved_tabs=”all” locked=”off” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_text_size__hover=”null” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_text_color__hover_enabled=”off” button_text_color__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_border_width__hover_enabled=”off” button_border_width__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_border_color__hover_enabled=”off” button_border_color__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_border_radius__hover_enabled=”off” button_border_radius__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_letter_spacing__hover_enabled=”off” button_letter_spacing__hover=”null” button_one_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover=”null” button_two_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover=”null” button_bg_color__hover_enabled=”off” button_bg_color__hover=”null” button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” title=”GET EXPERT HELP FROM THE RELIABLE BANKRUPTCY LAWYERS IN SINGAPORE” sticky_enabled=”0″]

Facing bankruptcy can be a challenging and confusing time. You may not know where to turn for help or what your options are. You may feel like you’re all alone, with no one to turn to. The legal process can be daunting, and you may not know where to start.

Tembusu Law is here to help. We are a law firm with experienced lawyers dealing with bankruptcy matters that can guide you through the process every step of the way. Our team of bankruptcy lawyers in Singapore can work with you to create a plan that meets your needs, providing you with the appropriate legal advice and helping you get back on your feet.

Expert Guidance

Our lawyers navigate the complex bankruptcy process, ensuring all legal requirements are met and your rights are protected. Their expertise in Singapore’s bankruptcy laws helps you make informed decisions.

Personalised Solutions

We offer tailored legal strategies for your specific financial situation, whether dealing with personal debt or business insolvency. Our approach ensures effective support for managing debts and financial recovery.

Minimised Consequences

Our lawyers work to reduce the long-term impact of bankruptcy. They negotiate with creditors, explore alternatives, and protect your assets, helping you rebuild financial stability with confidence.

Contact us today for a non-obligatory consultation.

[/et_pb_cta][et_pb_button button_url=”https://api.whatsapp.com/send?phone=6588860278&text=I%27d%20like%20to%20speak%20to%20a%20lawyer%20about%20my%20case.%20Please%20contact%20me%20to%20arrange%20for%20a%20free%20consultation.%20~%20www.tembusulaw.com” url_new_window=”on” button_text=”CONTACT US NOW FOR A FREE CONSULTATION” button_alignment=”center” _builder_version=”4.17.4″ _module_preset=”default” background_layout=”dark” global_colors_info=”{}” locked=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.17.4″ _module_preset=”default” custom_padding=”41px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” min_height=”254.7px” custom_margin=”50px|auto|-83px|auto|false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_cta title=”UNDERSTANDING THE DEFINITION OF BEING BANKRUPT IN SINGAPORE” admin_label=”Feature 01″ _builder_version=”4.27.0″ header_font=”||||” header_text_align=”left” header_text_color=”#1f1f1f” header_font_size=”30px” header_line_height=”1.4em” body_text_color=”#444444″ body_font_size=”16″ body_line_height=”1.9em” use_background_color=”off” text_orientation=”justified” background_layout=”light” max_width=”1232px” module_alignment=”left” min_height=”328.7px” custom_margin=”-41px||-2px|||” custom_padding=”||0px|||” animation_direction=”bottom” hover_enabled=”0″ header_font_size_tablet=”” header_font_size_phone=”28″ header_font_size_last_edited=”on|phone” custom_css_promo_button=”color: #fff;” saved_tabs=”all” locked=”off” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_text_size__hover=”null” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_text_color__hover_enabled=”off” button_text_color__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_border_width__hover_enabled=”off” button_border_width__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_border_color__hover_enabled=”off” button_border_color__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_border_radius__hover_enabled=”off” button_border_radius__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_letter_spacing__hover_enabled=”off” button_letter_spacing__hover=”null” button_one_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover=”null” button_two_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover=”null” button_bg_color__hover_enabled=”off” button_bg_color__hover=”null” button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” sticky_enabled=”0″]

Declaring bankruptcy is a legal procedure that often occurs when someone cannot pay what they owe. Bankruptcy is the last option when an individual cannot pay back a debt of more than 15,000 dollars. The debtor (person who owes them money) or creditor may file a bankruptcy application with the court. Creditors are allowed to take whatever property of the bankrupt debtor as payment for any or all of their debts.

Filing for bankruptcy has serious implications, such as:

• Restrictions on Travel: Bankrupt individuals may face restrictions on their ability to travel overseas.
• Difficulty Obtaining Loans: Securing loans or credit can become challenging.
• Employment Limitations: Bankruptcy may impact job prospects, particularly in financial sectors.
• Business Management Restrictions: There may be limitations on the ability to manage or start a business.

A bankruptcy trustee can sell any remaining assets belonging to the bankrupt party to pay off some portion of their debt to creditors. Generally, bankrupts need at least one year to file again because it stays on their record for ten years after they file once.

It may seem daunting and extremely stressful, but you can trust our bankruptcy lawyers in Singapore to provide you with a wide range of legal solutions so that you can make a better decision.

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To protect yourself against bankruptcy, you need to consult a bankruptcy lawyer in Singapore. Filing for bankruptcy can protect you from being harassed or sued for debts that you are unlikely to be able to repay in full.

It also allows you to rebuild your credit score and start afresh by taking advantage of secured credit cards after bankruptcy without having to stress about high interest rates because of bad credit history.

Individuals may choose to declare bankruptcy through our bankruptcy lawyers in Singapore if they believe they cannot repay their debts or have not been able to find an alternative arrangement with creditors to repay their debt. If you file for bankruptcy in this situation, it will be beneficial because it will:

 

• It is vital to stop interest from accruing by paying off any debt you may have.
• You may keep certain assets protected under Singapore law, such as HDB flats, monies within your CPF account, and insurance policies.
• Creditors are not permitted to commence legal action against debtors for pre-bankruptcy debts.

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Bankruptcy is often associated with people being stripped of all their belongings. And they are doomed to pay off their debts for the rest of their lives. However, the true purpose of bankruptcy is to help settle debts. If an individual declares bankruptcy, they cannot pay back their obligation under the original terms & circumstances.

As one of the trusted law firms, our bankruptcy lawyers in Singapore have vast experience dealing with matters relating to bankruptcy and will be able to help you, as the only way out of debt would be to change the terms to make them less stringent. Contact us today to learn more.

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You must meet specific criteria before filing for personal bankruptcy with a bankruptcy lawyer. The criteria include:

• You must have a property in Singapore.
• You must be an ordinary resident of Singapore for at least one year.
• You must reside in Singapore for at least one year.
• You have been doing business in Singapore for at leas­t one year.
• You must be able to show proof of having at least $15,000 in debt.

[/et_pb_cta][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.17.4″ _module_preset=”default” custom_padding=”0px||86px|||” global_colors_info=”{}”][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” min_height=”246.7px” custom_margin=”|auto|-83px|auto||” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_cta title=”WHAT TYPE OF DEBT CAN NOT BE DISCHARGED THROUGH BANKRUPTCY” admin_label=”Feature 01″ _builder_version=”4.27.0″ header_font=”||||” header_text_align=”left” header_text_color=”#1f1f1f” header_font_size=”30px” header_line_height=”1.4em” body_text_color=”#444444″ body_font_size=”16″ body_line_height=”1.9em” use_background_color=”off” text_orientation=”justified” background_layout=”light” max_width=”1232px” module_alignment=”left” min_height=”196.7px” custom_margin=”-41px||-2px|||” custom_padding=”||0px|||” animation_direction=”bottom” hover_enabled=”0″ header_font_size_tablet=”” header_font_size_phone=”28″ header_font_size_last_edited=”on|phone” custom_css_promo_button=”color: #fff;” saved_tabs=”all” locked=”off” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_text_size__hover=”null” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_text_color__hover_enabled=”off” button_text_color__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_border_width__hover_enabled=”off” button_border_width__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_border_color__hover_enabled=”off” button_border_color__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_border_radius__hover_enabled=”off” button_border_radius__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_letter_spacing__hover_enabled=”off” button_letter_spacing__hover=”null” button_one_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover=”null” button_two_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover=”null” button_bg_color__hover_enabled=”off” button_bg_color__hover=”null” button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” sticky_enabled=”0″]

It is essential to know that not all of your debts will be eligible for discharge. Some of the non-dischargeable debts are

• Unpaid Taxes
• Debts incurred through fraudulent acts/embezzlement, etc.
• Debts incurred from willful/malicious injury to another party
• Debts incurred from death/personal injury
• Debts that you failed to declare during your bankruptcy filing

Contact one of our bankruptcy lawyers in Singapore today to learn more about debts that qualify for discharge through bankruptcy.

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Bankruptcy is not an easy decision nor is it to be taken lightly, but our team of experienced bankruptcy lawyers in Singapore will guide you through every step of the process. Let us help you find the best solution for your unique situation.

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FREQUENTLY ASKED QUESTIONS
ABOUT ENGAGING BANKRUPTCY LAWYERS IN SINGAPORE

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You will be required to appear before the OA (official assignee) within 21 days of the Bankruptcy Order for an explanation of your bankruptcy and to submit a statement of affairs recording your assets and liabilities.

After which, you should discuss your monthly plans to repay the debt with your officers from the OA. Your assets will also become part of your bankruptcy estate, and they will be under the control and management of the OA.

If creditors can prove you owe them money, they can receive dividends from any assets you own. However, your family will not be liable for any of your debts if they are not co-borrowers of your debt.

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Any creditor or debtor filing for bankruptcy must pay a fee of $1,850 to be administered by the OA.

For a creditor to successfully file a bankruptcy application against a debtor, they must recover the total amount of their deposit. For successful bankruptcy applications, the deposit will not be returned. However, if the bankruptcy applications are dismissed or withdrawn, the Office of the Attorney General will refund $1,845 to the applicant (either the creditor or the debtor). At the same time, a small amount of fee will be retained as administration fees.

If you hire a bankruptcy lawyer in Singapore to assist you with filing for bankruptcy, they will charge their legal fees on top of the payment you will be paying for the bankruptcy filing.

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After declaring bankruptcy in Singapore, your property will be turned over to the bankruptcy trustee. Except for certain exempted items, all of your assets will be taken and sold by your bankruptcy lawyer in Singapore. The proceeds will be used to repay your debt to your creditors as much as possible.

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You can achieve a discharge from bankruptcy through several methods. One way is by annulling the bankruptcy order, which can be done through full settlement, presenting an offer of composition, or devising a scheme. Alternatively, discharge can be granted directly by the High Court, or through obtaining a Certificate of OA.

[/et_pb_accordion_item][et_pb_accordion_item title=”What Other Legal Services Does Tembusu Law Offer?” _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” open=”off” toggle_level=”h3″ hover_enabled=”0″ sticky_enabled=”0″]

Tembusu Law provides a comprehensive range of legal services. Our expertise includes representation by Divorce lawyers in Singapore, offering tailored legal support for both contested and uncontested divorces. 

We also have experienced criminal lawyers in Singapore who ensure robust defence and protection of your rights in various criminal cases. We also handle litigation and dispute resolutions. Contact us to learn more about our services.

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FEATURED ARTICLES

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MORE INFORMATION

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Our lawyers are recognised specialists in all areas of commercial law and handle disputes and transactions across the full spectrum of the business and financial world.

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Learn more about
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Meet our team
of lawyers

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Read our latest
news and updates

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Send your enquiries to
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