OVERCOME FINANCIAL CHALLENGES WITH THE BEST BANKRUPTCY LAWYER IN SINGAPORE

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.

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.

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.

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.

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.

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.