Filing for Bankruptcy in Singapore:
Any debtor may voluntarily file for bankruptcy within Singapore supposing they have borrowed and cannot return debts of a minimal S$15,000.
Also, the debtor’s debt creditors may additionally file to render the debtor bankrupt in case they think that the debtor cannot repay the existing debts borrowed from them.
Supposing the debtor gets declared bankrupt, their assets are subsequently sold, and total proceeds placed within a bankruptcy estate.
This excludes individual assets which remain protected, kept from bankruptcy, like HDB flats.
Reasons to File for Bankruptcy:
Simple answer is – one need file for bankruptcy when:
You have a limited capacity to repay owed debts over in full; also,
It stretches beyond your means to arrange other independent solutions over with creditors, for returning debt payments.
With certain situations, bankruptcy could seem the better choice because:
1. Your debt ceases growing
Upon the submission of the Bankruptcy Order (the order issued over by High Court declaring your status as formally bankrupt), the creditor must cease charging interest over the principal sum owed.
Hence, the debt gets “frozen” at a fixed sum.
2. Your Monthly Repayments grow smaller
Historically, your creditors could have persistently chased after you for monthly repayments which extended far beyond your financial means.
Suppose you get formally declared bankrupt, the OA then determines an appropriate sum of monthly payments that you then must submit regularly upon calculating approximate sums you need for self and family.
3. Creditors prohibited from suing for debts
Creditors get barred from starting legal proceedings against you for recovering debts incurred before bankruptcy, upon the submission of the Bankruptcy Order.
Hiring a Bankruptcy Law Service Provider in Singapore for Yourself
Are you facing financial difficulties and considering bankruptcy as a solution? Navigating through the complex legal process of bankruptcy can be overwhelming, especially without proper guidance and expertise.
In such situations, it is crucial to seek the assistance of a reliable bankruptcy law service provider in Singapore. This blog post will delve into the importance and benefits of hiring a bankruptcy law service, helping you understand why it is a wise choice for individuals facing financial challenges.
Understanding Bankruptcy Law Services
Bankruptcy law services are specialized firms or legal professionals who assist individuals and businesses in navigating the bankruptcy process.
They possess in-depth knowledge and experience in bankruptcy law, ensuring their clients receive the necessary support and guidance throughout the entire process.
By hiring a bankruptcy law service provider, you gain access to a team of experts who can assess your financial situation, advise you on the best course of action, and handle the legal aspects of your bankruptcy case.
The Importance of Hiring a Bankruptcy Law Service Provider
- Expertise and Knowledge: Bankruptcy law is intricate and constantly evolving. Engaging a bankruptcy law service ensures that you have professionals who are up-to-date with the latest laws and regulations, ensuring your case is handled accurately and effectively. Their expertise allows them to navigate complex legal processes, reducing the risk of errors and increasing the chances of a successful outcome.
- Legal Guidance and Representation: Going through bankruptcy can be emotionally and mentally draining. With a bankruptcy law service provider by your side, you receive invaluable guidance and support throughout the process. They can explain the legal proceedings, provide you with realistic expectations, and represent your interests in court, ensuring you have a strong legal advocate fighting for your rights.
- Tailored Solutions: Each bankruptcy case is unique, and a bankruptcy law service provider understands this. They can analyze your financial situation, assess your debts and assets, and recommend the most suitable bankruptcy options for you. By tailoring their approach to your specific circumstances, they can help you make informed decisions that align with your goals and financial well-being.
- Debt Relief and Protection: Engaging a bankruptcy law service provider offers immediate relief from creditor harassment, collection efforts, and legal actions. Once you file for bankruptcy, an automatic stay is implemented, which puts a halt to all collection activities. This provides you with the breathing space needed to reorganize your finances and work towards a fresh start. Moreover, bankruptcy law services ensure that your rights are protected throughout the process, safeguarding you from unfair treatment by creditors.
- Maximized Debt Discharge: Bankruptcy law service providers have a deep understanding of the bankruptcy code, enabling them to identify eligible debts that can be discharged. By leveraging their knowledge, they can help you maximize the amount of debt discharged, relieving you from a significant financial burden. They can also guide you in handling non-dischargeable debts and create a repayment plan that suits your financial capabilities.
Choosing the Right Bankruptcy Law Service Provider
Now that you understand the importance of hiring a bankruptcy law service provider, it’s essential to choose the right one for your needs. Here are some factors to consider when selecting a bankruptcy law service provider in Singapore:
- Experience and Reputation: Look for a provider with extensive experience in handling bankruptcy cases. Check their track record and reviews to gauge their reputation and success rate.
- Specialization: Ensure that the bankruptcy law service provider specializes in bankruptcy law and has a team of professionals dedicated to this practice area. Specialization guarantees that they possess in-depth knowledge and understanding of the intricacies involved in bankruptcy cases.
- Communication and Accessibility: Effective communication is crucial during the bankruptcy process. Choose a provider that maintains open lines of communication, promptly responds to your queries, and keeps you updated on the progress of your case.
- Transparent Pricing: Understand the fee structure of the bankruptcy law service provider before engaging their services. Transparent pricing ensures that there are no hidden costs or surprises along the way.
- Personal Connection: Trust and comfort are vital when working with a bankruptcy law service provider. Schedule an initial consultation to assess if you feel at ease with the professionals and confident in their abilities to handle your case.
Hiring a bankruptcy law service provider in Singapore can alleviate the stress and complexities associated with bankruptcy, allowing you to focus on rebuilding your financial future.
Their expertise, guidance, and support can make a significant difference in the outcome of your bankruptcy case, providing you with the best possible chance for a fresh start.
The Benefits of Hiring a Bankruptcy Law Service Provider
By enlisting the services of a bankruptcy law service provider in Singapore, you can enjoy numerous benefits that can significantly impact your bankruptcy case and overall financial well-being. Let’s explore some of these advantages in more detail:
- Efficiency and Time Savings: Navigating the bankruptcy process can be time-consuming and overwhelming, especially if you’re unfamiliar with the legal intricacies involved. By hiring a bankruptcy law service provider, you can rely on their expertise and experience to handle the necessary paperwork, filings, and court proceedings efficiently. They can streamline the process, ensuring that deadlines are met, documentation is accurate, and all necessary requirements are fulfilled promptly.
- Protection from Errors and Pitfalls: Mistakes or oversights during the bankruptcy process can have severe consequences, potentially leading to the dismissal of your case or the loss of valuable assets. Bankruptcy law service providers are well-versed in the legal requirements and potential pitfalls associated with bankruptcy filings. They can guide you through the process, helping you avoid costly errors and ensuring that your case is presented accurately and effectively.
- Negotiation and Settlement: In some instances, bankruptcy law service providers can negotiate with your creditors on your behalf, aiming to reach a settlement that is favorable to your financial situation. They can utilize their negotiation skills and knowledge of bankruptcy laws to work towards reducing the overall amount of debt owed, potentially saving you a significant sum of money.
- Business Bankruptcy Support: If you own a business that is facing financial distress, engaging a bankruptcy law service provider becomes even more crucial. They can assist you in navigating the complexities of business bankruptcy, including assessing the viability of reorganization, liquidation, or debt restructuring options. By having professionals who understand the intricacies of business bankruptcy, you can make informed decisions that align with your long-term business goals.
- Post-Bankruptcy Guidance: Bankruptcy is not the end; it is a fresh start towards financial recovery. A reputable bankruptcy law service provider can offer post-bankruptcy guidance, providing you with tools and strategies to rebuild your credit, manage your finances, and regain your financial stability. They can advise you on the steps to take after bankruptcy, helping you make sound financial decisions for a stronger future.
Navigating the complex world of bankruptcy law in Singapore can be challenging without proper guidance and expertise. Hiring a bankruptcy law service provider can be a game-changer, offering you invaluable support, knowledge, and representation throughout the bankruptcy process.
Their expertise, efficiency, and personalized guidance can significantly improve the outcome of your case, providing you with the best possible chance for a fresh financial start.
When selecting a bankruptcy law service provider, ensure that they have a proven track record, specialize in bankruptcy law, communicate effectively, and offer transparent pricing. Take the time to connect with them during an initial consultation to gauge their professionalism and your comfort level working with them.
Remember, bankruptcy is not a journey you have to face alone. By engaging the services of a reliable bankruptcy law service provider in Singapore, you can navigate the complexities of bankruptcy with confidence, knowing that you have a dedicated team of experts by your side, fighting for your financial rights and helping you regain control of your future.
So, if you find yourself in financial distress and considering bankruptcy, don’t hesitate to seek the assistance of a reputable bankruptcy law service provider in Singapore. Your journey to financial recovery starts with the right support and guidance, and a bankruptcy law service provider can be your trusted partner throughout the process.
Top Bankruptcy Law Service Providers in Singapore
|Specialty||They have rich experience dealing with:
Enforcement proceedings such as Creditor’s bankruptcy application
Debtor’s bankruptcy application
Various bankruptcy related applications such as setting aside of statutory demands.
Negotiating with creditors when you are facing bankruptcy proceedings.
Clients retained them over the years, a testament to the lasting trust earned, built.
Services: Bankruptcy application, bankruptcy related applications, bankruptcy proceedings, Negotiating with creditors, bankruptcy lawyers
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||133 New Bridge Rd, #12-07 Chinatown Point, Singapore 059413|
|Opening hours||9 am to 10 pm|
RBN Chambers LLC
|Specialty||They understand that the prospect of bankruptcy can be extremely stressful and daunting. At RBN Chambers, you can rely on their bankruptcy lawyers to provide you with practical and affordable advice and representation. They will advise you on your legal position, enable you to make informed decisions, apply, defer bankruptcy.
Services: Bankruptcy application, arrangement with creditors, Bankruptcy Order, bankruptcy lawyers, affordable advice, and representation
|Pricing||Request a quotation: email@example.com|
|Address||20 Cecil St, #04-02 PLUS, Singapore 049705|
|Opening hours||9 am to 6 pm|
|Specialty||They regularly act for corporate clients such as financial institutions and other lenders and creditors. For personal clients, they assist in recovering debts, negotiating for time to settle debts, providing advice on how to reduce, restructure debts to avoid bankruptcy. For corporate clients, they provide advice to restructure a business.
Services: Recovering debts, negotiating for time, restructure debts, bankruptcy lawyers, business restructuring
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||1 Coleman Street, The Adelphi #08-04, Singapore 179803|
|Telephone||+65 6223 4456|
|Opening hours||9 am to 6 pm|
Advance Law LLC
|Specialty||Advance Law LLC was incorporated since 2013. They pride themselves on meeting their client’s needs and giving advice that they can trust. Advance Law LLC now specializes in various areas of practice such as Conveyancing, Personal Injury, Family, Probate, Criminal and Estate Planning etc., offering legal services at affordable prices.
Services: Conveyancing, Personal Injury, Family, Probate, Criminal and Estate Planning, Bankruptcy lawyers
|Pricing||Request a quotation: email@example.com|
|Address||430 Lorong 6 Toa Payoh, OrangeTee Building #11-01 Singapore 319402|
|Opening hours||9 am to 6 pm|
Norton Rose Fulbright
|Specialty||Their global bankruptcy, financial restructuring and insolvency lawyers are at the forefront of many of the most significant cross-border restructuring and insolvency cases involving complex multi-jurisdictional issues and regional insolvency laws. With more than 50 offices in over 30 countries, our multilingual and proficient lawyers are experienced to address issues.
Services: Private equity, distressed debt funds, public and private corporations, debtors, liquidators
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||9 Straits View Marina One West Tower, #09-09, 018937|
|Opening hours||9 am to 6 pm|
|Specialty||They provide a wide range of legal solutions spanning across an extensive practice of law including commercial litigation, corporate law, family law, Syariah law, criminal law, intellectual property law, amongst others. They pride themselves on providing high caliber work and finding the best possible legal solutions for their contracted clients.
Services: Bankruptcy lawyer, bankruptcy application, file for bankruptcy, Annulment or Discharge from bankruptcy, commercial litigation
|Pricing||Request a quotation: email@example.com|
|Address||3 Shenton Way, #11-10, Shenton House, Singapore 068805|
|Telephone||+65 6226 0439|
|Opening hours||9 am to 10 pm|
|Review 1||My lawyer Ms. Sharifah has been great and handle my case amazingly. I will definitely recommend her to anybody. Thank you so much!|
|Review 2||So far so good…quite impressive w Russel on his knowledge of Syariah Law and the way he explains…Ridhuan is the type of lawyer that I want my sibling to be represented…Fana is outspoken and i like that…now time to work n see if they does excel…pricing is reasonable n installment plans available…worth the last minute arrangement…best of wishes and hopeful for a just outcome….|
|Review 3||To Mr Rizuan and Team, Overall smooth work, I am very satisfied|
Lion Chambers LLC
|Specialty||A New Breed of Lawyers. Their Past Experiences Set Them Apart. Their wealth of experience does not just come from school or book. They bring their own personal experiences into solving problems. It is about providing precision when it matters most. Clients trust them to solve problems, protect their interests.
Services: Bankruptcy proceedings, bankruptcy legal proceedings, Winding Up proceedings, insolvency legal proceedings, Letter of Demand
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||320 Serangoon Rd, #11-13 Centrium Square, Singapore 218108|
|Telephone||+65- 8777 3677|
|Opening hours||9 am to 10 pm|
|Review 1||The lawyer got back to me regarding my matter very quickly even though i sent a message after working hours. Appreciate that. It helps when i needed legal advice urgently and Raj from Lions Chambers was able to quickly arrange for a consultation the next day. Would def recommend Lions Chambers for your legal needs.|
|Review 2||Second time going to Raj from Lions Chambers on my matter. He provided very clear options I can take and is knowledgeable in terms of the implications for each option. He made it easy to understand how the legal process works in layman’s term, which makes the process very fuss free and to the point.|
|Review 3||Raj was very professional and listened patiently to my problem. He did not pressure me into engaging his service and still advised me on how I could solve my problem. I would definitely recommend that you should speak to Raj.|
|Specialty||I.R.B Law LLP was founded with a vision to build a law firm that delivers effective and efficient legal services to everyone, from the man on the street to large corporations. IRB Law now has over 50 employees, allowing them to maintain a highly personalized level of service, affordably charging.
Services: Family Law, Syariah Law, Estate planning, Bankruptcy, Litigation
|Pricing||Request a quotation: email@example.com|
|Address||20 Collyer Quay, #17-05, Singapore 049319|
|Telephone||+65 6298 2537|
|Opening hours||9.30 am to 6 pm|
|Review 1||Victoria Lee from I.R.B Law has been extremely helpful, reliable and effective in assisting me with my business legality documents. She has provided me with immense confidence and support in moving forward with my business with her experienced knowledge and dedication to help.
All of my business issues were resolved beyond my expectations and she stayed up past midnight just to help me rush my matter with a US service provider.
I’m extremely grateful to have met her and gotten her support with my case. Thank you so much for your help Victoria, I truly appreciate it! 👏🏼👏🏼
Will definitely recommend her to anyone looking for help!
|Review 2||I would like to thank Ms Ameera and her team for handling my case. Ms Ameera is always calm as well as encouraging and assuring which are the attributes needed in a lawyer in my opinion esp in divorce cases. She is professional and gives good advices too. Thanks again for going through this with me.|
|Review 3||I’m very happy with IRB’s service. The staff are incredibly polite, they also do everything with a calm mind. When I requested for some changes to be made in the drafts during my actual signing with the Commissioner, they did not hesitate to help me, they also quickly made all the revisions without any hitch and made sure that I will no longer go back on a different day for the signing.|
Harry Elias Partnership
|Specialty||Their team of insolvency lawyers in Singapore regularly advises liquidators, judicial managers, receivers and managers, creditors, companies, and shareholders on restructuring exercises both in court and in private negotiations. They also advise on corporate insolvency matters such as contesting winding up applications, attending creditors’ meetings, disclaiming onerous properties / agreements.
Services: Corporate insolvency, insolvency lawyers, restructuring exercises, contesting winding up applications, attending creditors’ meetings, taxation for liquidation expense
|Pricing||Request a quotation: Justin@harryelias.com|
|Address||4 Shenton Way, SGX Centre 2, #17-01, Singapore 068807|
|Telephone||+65 6535 0550|
|Opening hours||9 am to 6 pm|
|Review 1||The people I dealt with were professional and extremely helpful. Thank you so much for all your advice and help. I would definitely recommend Harry Elias to anyone who has any issues.|
|Review 2||As 1 of the top law firms in Singapore, Harry Elias definitely live up to their name. Thank you for your professional advice. Would highly recommend!|
|Review 3||Super professional and friendly lawyers helped me out. I am so thankful to have engaged you guys. Highly recommended!|
Ramdas and Wong
|Specialty||Ramdas & Wong is a local law firm established since 1974 by founding partners Mr David Wong Chin Huat and Mr Shunmugam Ramdas. From humble beginnings at a small office place at International Plaza, Ramdas & Wong has grown from strength to strength over the past 42 years, servicing clients.
Services: Insolvency law, insolvency practitioners, creditors, liquidators, receivers, judicial managers, bankruptcy, winding up matters
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||6 Raffles Quay, #10-06, Singapore 048580|
|Opening hours||9 am to 6 pm|
|Review||The reception staff is always welcoming and polite. We had several conveyancing work done by Josephine and she is professional, prompt and organised vs a previous law firm which we used. Most of the time, she goes the extra mile and builds good relationship with whomever we refer to. It is a delight to engage her service.|
Dentons & Rodyk
|Specialty||Rely on their Restructuring, Insolvency and Bankruptcy practice’s extensive experience and benefit from a team of practitioners who can act quickly and decisively to achieve the best legal and commercial solutions for creditors (banks and corporate lenders), insolvent companies, insolvency practitioners and professionals, administrators, managers, liquidators, managing financial crisis, default.
Services: Restructuring, Insolvency, Bankruptcy insolvent companies, insolvency practitioners
|Pricing||Request a quotation: email@example.com|
|Address||80 Raffles Place, #33-00 UOB Plaza 1, 048624|
|Telephone||+65 6225 2626|
|Opening hours||8.45am to 5.45pm|
|Review 1||Best shipping law firm in South East Asia…|
|Review 2||A law firm that provides a whole suite of legal services, with professionals who are service-oriented and eager to assist in solving legal issues.|
|Review 2||Well appointed office|
Rajah & Tann
|Specialty||Their restructuring and insolvency practice is one of the largest in Singapore and Southeast Asia dealing with banking and financing disputes, corporate insolvencies and rescues, business advisory, workouts and debt restructurings, and enforcement of creditors’ rights. They have been involved in prominent restructuring and insolvency cases in Singapore’s corporate history.
Services: Banking, Insolvency, restructuring and insolvency, corporate finance, Acquisitions
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||9 Straits View #06-07 Marina One West Tower, 018937|
|Telephone||+65 6535 3600|
|Opening hours||9 am to 6pm|
|Review 1||Nice place. Lawyer was patient to listen and explain in details.|
|Review 2||Don’t get mislead by the Rajah&Tann sign at the concierge on Level 3. the reception is for Netflix. the actual person to speak to is the building customer services lady seated on the left|
|Specialty||PDLegal LLC offers a sophisticated legal practice characterized by exceptional legal services, delivered cost effectively. With industry recognized expertise, they deliver advocacy and advisory services to their discerning clientele, based both in Singapore and overseas, on a wide spectrum of matters. By forging strong relationships, delivering results, serving clients well.
Services: Insolvency & Restructuring Lawyers, insolvency regime tools, receiverships, judicial management, schemes of arrangements, insolvency practice
|Pricing||Request a quotation: email@example.com|
|Address||1 Coleman Street #08-02 The Adelphi Singapore 179803|
|Telephone||(+65) 6220 0325|
|Opening hours||9 am to 6 pm|
|Review 1||Peter and his team are extremely professional and receptive at all times. Self am utilizing in a commercial matter and to be honest, they have ticked all boxes as far as customer satisfaction is concerned!|
|Review 2||Professional service and fair pricing. Fast and effective services, thank you PDLegal team.|
|Review 3||Profesional,,assertive, knowledgeable, responsive, and educational. All that you want to have in a lawfirm.|
Kalco Law LLC
|Specialty||They have successfully helped distressed companies and individuals on the brink of bankruptcy negotiate and restructure debts with their creditors to stay afloat. Let them assess your financial situation and advise you on how to manage your creditors and turn your situation around. They represented creditors in recovering debts owed.
Services: Corporate Restructuring, Insolvency, Personal Bankruptcy, negotiate, restructure debts, represent creditors
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||101A Upper Cross Street, #12-17 People’s Park Centre, Singapore, 058358|
|Opening hours||9 am to 6 pm|
|Review 1||Good experience so far! Fast replies and very professional all the times.|
|Review 2||They have a wide range of legal services to cater for your need and their lawyer are all very friendly and helpful and professional.|
|Review 3||Very reliable lawyers. Always doing their best for you and giving useful and helpful advice. Definitely the Law Firm you will want to have your back. Really thankful for the people there. Awesome service as well! Trustworthy and definitely helpful.|
Allen & Gledhill
|Specialty||Their specialist Restructuring & Insolvency Practice based in Singapore is at the nexus of some of the world’s most complex cross-border insolvencies and restructurings. With a long history of specializing in large-scale multi-jurisdictional work, their team is highly regarded and widely recognized as one of leading practices in this area.
Services: Debt restructuring, insolvency, complex cross-border insolvencies, restructurings, Banking and Finance, Mergers & Acquisitions
|Pricing||Request a quotation: email@example.com|
|Address||One Marina Boulevard #28-00 Singapore 018989|
|Telephone||+65 6890 7188|
|Opening hours||9 am to 6 pm|
|Review 1||fancy law firm in sg
|Specialty||Their team is experienced in dealing with various corporate insolvency, personal bankruptcy, and business restructuring situations. In addition to representing both creditors (enforcement of security and court representation), debtors (court applications for moratoriums, schemes of arrangement, advising and representing management), they also regularly act for and advise insolvency professionals, liquidators.
Services: Corporate insolvency, personal bankruptcy, business restructuring situations, court applications for moratoriums, schemes of arrangement, liquidators
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||20 Collyer Quay #21-02 Singapore 049319|
|Telephone||+65 6438 1969|
|Opening hours||9 am to 6 pm|
Black Oak LLC
|Specialty||They are no strangers to the scene. As a dedicated distress situations practice, they act on all sides of the process, representing a gamut of stakeholders including insolvency professionals, debtors, creditors, funds, and white knights. They work closely alongside industry professionals to provide business-driven, context-specific legal solutions in commercial situations.
Services: Corporate restructuring, insolvency, companies, creditors, financial institutions, banks, insolvency professionals
|Pricing||Request a quotation: email@example.com|
|Address||One George Street #12-01/02 Singapore 049145|
|Telephone||(+65) 6521 6750|
|Opening hours||9 am to 5.30 pm|
Darshan & Teo LLC
|Specialty||They are a full-service boutique law firm that caters to clients from all walks of life. Client care and satisfaction, personalized service and integrity are amongst our fundamental values and form the basis of our corporate ethos. Darshan & Teo LLP boasts clientele ranging from public listed entities to individuals.
Services: Insolvency, Restructuring, debt restructuring, non-contentious, contentious legal services, Commercial Litigation
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||1 North Bridge Road #17-06 High Street Centre Singapore 179094|
|Telephone||+ 65 6334 1822|
|Opening hours||9 am to 7 pm|
|Review 1||Great job mostly you save Punjabi Races|
|Review 2||Great job|
|Specialty||Their Restructuring & Insolvency Practice focuses on value preservation and creation for financially challenged companies, creditors, and investors in both contentious and non-contentious situations. The team combines extensive litigation experience and in-depth knowledge of the market to structure transactions and reorganization plans together with their Special Situations Advisory Practice, restructuring.
Services: Restructuring & Insolvency Practice, value preservation, creation, financially challenged companies, creditors, investors, contentious, non-contentious situations
|Pricing||Request a quotation: email@example.com|
|Address||12 Marina Boulevard, Tower 3, Marina Bay Financial Centre, 018982|
|Telephone||+65 6416 8000|
|Opening hours||9 am to 6 pm|
(Translated by Google)
Bird & Bird
|Specialty||Every business can experience financial difficulty whether it be due to changing economic conditions, unforeseen events, simple misjudgment, or even major mismanagement. Whatever your situation, there may be tough choices to be made and legal hurdles to overcome. Their international Restructuring and Insolvency Group is skilled at finding debt solutions.
Services: Restructuring and Insolvency, licensed insolvency practitioners, banks, lenders, debtor companies, restructuring initiatives
|Pricing||Request a quotation: firstname.lastname@example.org|
|Address||2 Shenton Way, Singapore 068804|
|Opening hours||9 am to 6 pm|
|Review 1||Excellent work and great service by the team at Bird&Bird Singapore. Special mention to Ms Ow Kim Kit, Mr Yap Teck Chai and Ms Lin Lijun. They were professional and knowledgeable in their area of expertise. Highly recommended.|
|Review 2||Lovely office.|
Should one file for Bankruptcy personally or hold on till a creditor files bankruptcy?
It could prove prudent for one to self-declare bankruptcy personally rather than wait for the creditor to sue you.
Reasons are simply because the longer you delay filing bankruptcy, the interest charged over debts might gradually snowball over the delay.
Prerequisites for Filing for Bankruptcy
The creditor (alternatively the debtor independently) may file to get the debtor declared bankrupt suppose the debtor comes under 1 of the circumstances below:
Remains domiciled within Singapore.
Owns property within Singapore.
Remains an ordinary resident within Singapore over a minimum of 1 year.
Retains, holds an accommodation located within Singapore for over a minimum of 1 year.
Has conducted business operations within Singapore over a minimum of 1 year.
The debtor must owe a minimum of $15,000, conditions are that the debt is due immediately or owed to creditors in Singapore, but the debtor is not financially able to repay the debt.
In the case of a creditor that submitted the bankruptcy application, the debtor is considered unable to repay the debt if one of these conditions below are met:
The debtor does not comply with demands for a statutory request to repay owed debt within a minimum of 21 days.
The debtor does not obey the court-issued demand for the payment of debt.
The debtor eventually left the country to evade repayment.
The OA proves that respective debtor cannot meet demands to pay debt.
Steps taken to File for Bankruptcy.
6 basic steps are needed to file for bankruptcy within Singapore.
Step 1 One need collect, fill in the compulsory forms applying to:
Debtor’s Bankruptcy Application.
Affidavit in Support of Debtor’s Bankruptcy Application.
Statement of Affairs (the statement with information about your full Assets, Liabilities, Present Employment Status or Monthly Expenditure); and
Affidavit Verifying Statement of Affairs.
Step 2 Deposit a bankruptcy sum of $1,850 over with OA. Cash payments may be submitted at SingPost counters, then the receipt gets instantly issued to you (Keep the printed receipt).
Also, to submit payment with PayNow, email MinLaw’s Finance Department at email@example.com to ask for the PayNow Proxy and Payment steps.
Step 3 Take the completed documents (following Step 1) with the receipt (from Step 2) over to Supreme Court’s Legal Registry housed at Level 2 of the Supreme Court, then next proceed to submit payment of the Prescribed Stamp/Commissioner for Oaths Fees.
Step 4 Go to affirm the Affidavit Verifying Statement of Affairs and the Affidavit in Support of Debtor’s Bankruptcy Application before the Commissioner for Oaths (housed at Level 3M of the Supreme Court).
The Commissioner for Oaths then signs, stamps formally on submitted documents.
Step 5 Go to the LawNet Service Bureau (housed in Level 1 of the Supreme Court) to file the documents via eLitigation upon payment of prescribed fees.
The LawNet Service Bureau then delivers the date for collecting your documents and following which, the date and time for the bankruptcy hearing next gets printed upon your Application.
Step 6 One must attend the hearing on the appointed date and time.
Or you must write over to Registrar of the Supreme Court to ask for a delayed hearing date explaining the rationale for delay request.
Note: Alternatively for the Statement of Affairs (that may get handwritten), each form must be type-written.
The creditor may file the bankruptcy application against you in the event that you did not comply promptly with the Statutory Demand (which had been served to you upon the demand for payment).
Still, regardless of whether it was you, or creditor that filed the bankruptcy application, the Bankruptcy Order will be made over to you, by the High Court, in the event that the application succeeds.
Charges upon Filing for Bankruptcy
Each creditor or debtor that seeks to file for bankruptcy must deposit a sum of $1,850 to the OA to administer the debtor’s estate, as previously stated.
Upon successful bankruptcy applications filed by a creditor, the creditor may recover the full sum of the deposit if there are sufficient funds within the bankrupt’s estate.
Over successful bankruptcy applications filed by the debtor nevertheless, the deposit of $1,850 does not get refunded.
For bankruptcy applications that were eventually dismissed or withdrawn, the OA will refund $1,800 to the applicant (whether it is creditor or the debtor) whereas the leftover $50 gets retained as initial administration charges.
Suppose you hire a lawyer to assist your filing for bankruptcy, the lawyer will charge their professional fees in addition to the deposit sum.
Types of Bankruptcy Law Service Providers in Singapore
When facing financial difficulties and considering bankruptcy as a solution in Singapore, it is crucial to understand the various types of bankruptcy law service providers available to assist you.
Each type of bankruptcy law service provider has its unique role and expertise in helping individuals navigate the complex legal process of bankruptcy.
In this blog post, we will explore the different types of bankruptcy law service providers in Singapore, shedding light on their roles and how they can support individuals facing financial challenges.
1. Bankruptcy Law Firms
Bankruptcy law firms are specialized legal practices that focus on bankruptcy law and related areas. These firms typically have a team of bankruptcy lawyers with extensive experience in handling bankruptcy cases. When engaging a bankruptcy law firm, you benefit from the collective knowledge and expertise of their lawyers who are well-versed in Singapore’s bankruptcy laws and regulations.
Bankruptcy law firms offer comprehensive services that cover all aspects of the bankruptcy process. They can provide legal advice, assess your financial situation, help you understand your rights and options, and guide you through the necessary paperwork and court proceedings. Additionally, bankruptcy law firms can represent you in negotiations with creditors and in court, ensuring your interests are protected throughout the process.
2. Insolvency Practitioners
Insolvency practitioners are professionals who specialize in corporate insolvency and restructuring. While they primarily focus on assisting businesses facing financial distress, their expertise can also be valuable for individuals with complex financial situations.
Insolvency practitioners are licensed professionals who provide advice and services related to corporate recovery, debt restructuring, and liquidation. They possess in-depth knowledge of Singapore’s insolvency laws and can help businesses explore alternatives to bankruptcy, such as debt restructuring or schemes of arrangement. In some cases, they may also provide guidance to individuals seeking personal bankruptcy and advise them on the available options.
3. Financial Counsellors and Advisors
Financial counsellors and advisors are professionals who provide guidance and support to individuals facing financial difficulties. While they may not possess legal qualifications, they play a vital role in helping individuals manage their finances and explore alternatives to bankruptcy.
Financial counsellors and advisors can help you assess your financial situation, create a budget, negotiate with creditors, and develop a debt management plan. They offer practical advice on money management, debt repayment strategies, and credit rebuilding.
While they cannot provide legal representation or file for bankruptcy on your behalf, their expertise in financial planning and debt management can be instrumental in avoiding bankruptcy or preparing for it if it becomes necessary.
4. Non-Profit Credit Counselling Agencies
Non-profit credit counselling agencies are organizations dedicated to helping individuals manage their debts and avoid bankruptcy.
These agencies provide free or low-cost credit counselling services and debt management programs. They work with individuals to assess their financial situation, negotiate with creditors, and develop a repayment plan.
Credit counselling agencies offer financial education and resources to help individuals understand their financial rights and responsibilities.
They can provide assistance in creating a budget, reducing expenses, and improving financial habits. While they do not offer legal representation or file for bankruptcy, their services can be invaluable in preventing bankruptcy and promoting long-term financial stability.
Choosing the Right Bankruptcy Law Service Provider
When selecting a bankruptcy law service provider in Singapore, consider the following factors:
- Expertise and Experience: Look for a provider with a strong track record and extensive experience in bankruptcy law or related fields. Their knowledge and experience will be crucial in navigating the complexities of the bankruptcy process.
- Specialization and Focus: Ensure that the service provider specializes in bankruptcy law or has professionals dedicated to this practice area. Specialization ensures that they are up-to-date with the latest laws and regulations, providing you with accurate and reliable advice.
- Communication and Support: Effective communication is essential throughout the bankruptcy process. Choose a service provider that maintains open lines of communication, promptly responds to your queries, and provides you with the necessary support and guidance.
- Reputation and Reviews: Research the reputation of the bankruptcy law service provider by checking reviews and testimonials from past clients. This can give you insights into the quality of their services and their ability to achieve successful outcomes.
Remember to schedule an initial consultation with potential bankruptcy law service providers to assess their suitability for your specific needs. Take into account factors such as their professionalism, communication style, and your comfort level in working with them.
Finding the Right Support for Your Bankruptcy Journey
When facing financial challenges and considering bankruptcy, having the support and guidance of a reliable bankruptcy law service provider is crucial. Understanding the different types of bankruptcy law service providers in Singapore allows you to make an informed decision based on your specific circumstances.
Whether you choose a bankruptcy law firm, an insolvency practitioner, a financial counsellor, or a non-profit credit counselling agency, each type of bankruptcy law service provider has its unique expertise and role in assisting individuals with financial difficulties. By engaging their services, you gain access to professionals who can provide legal advice, financial guidance, and support throughout the bankruptcy process.
Remember to consider factors such as expertise, specialization, communication, and reputation when selecting a bankruptcy law service provider. The right choice can significantly impact the outcome of your bankruptcy case and pave the way for a fresh financial start.
So, if you find yourself in need of assistance with bankruptcy in Singapore, take the time to explore the different types of bankruptcy law service providers available. Reach out for professional support, and remember that you don’t have to face this challenging journey alone.
With the right bankruptcy law service provider by your side, you can navigate the complexities of bankruptcy with confidence and work towards a brighter financial future.
Cost of Hiring Bankruptcy Law Service Providers in Singapore
When facing financial difficulties and considering bankruptcy as a solution in Singapore, one important aspect to consider is the cost of hiring a bankruptcy law service provider.
While seeking professional assistance can be invaluable in navigating the complexities of bankruptcy, it’s essential to understand the financial implications and factors that may influence the cost of these services.
In this blog post, we will explore the cost of hiring bankruptcy law service providers in Singapore, shedding light on the factors that affect pricing and providing insights to help you make informed decisions.
Understanding the Pricing Structure of Bankruptcy Law Service Providers
The cost of hiring a bankruptcy law service provider can vary depending on several factors.
It’s important to note that bankruptcy law service providers may employ different pricing structures, so it’s crucial to discuss the details with potential providers before engaging their services.
Here are some common pricing models you may encounter:
- Hourly Rates: Some bankruptcy law service providers charge an hourly rate for their services. In this pricing structure, you pay for the time spent by the professionals working on your case. The hourly rates can vary based on the experience and expertise of the professionals involved.
- Flat Fees: Another pricing structure employed by bankruptcy law service providers is a flat fee. This means that you are charged a predetermined amount for the entire bankruptcy process, regardless of the time spent on your case. Flat fees can provide more clarity and predictability in terms of costs, but they may vary based on the complexity of your case.
- Retainers: In some cases, bankruptcy law service providers may require a retainer fee upfront. A retainer fee is an initial deposit paid to secure the services of the provider. The funds from the retainer are then used to cover the ongoing costs of the bankruptcy process. The provider will typically bill against the retainer as work is performed, and you may be required to replenish the retainer if it gets depleted.
It’s important to discuss the pricing structure and any potential additional costs, such as court filing fees or other administrative expenses, with the bankruptcy law service provider you are considering.
Obtaining a clear understanding of the costs involved will help you plan your finances accordingly.
Factors Affecting the Cost of Hiring a Bankruptcy Law Service Provider
Several factors can influence the cost of hiring a bankruptcy law service provider in Singapore. Understanding these factors will help you evaluate the pricing and determine the value you can expect from the services provided. Here are some key considerations:
- Complexity of Your Case: The complexity of your bankruptcy case is a significant factor that can impact the cost of hiring a bankruptcy law service provider. If your case involves multiple creditors, substantial assets, or disputes, it may require more time and resources to handle, potentially increasing the overall cost.
- Experience and Expertise: The level of experience and expertise of the bankruptcy law service provider can influence the cost. Highly experienced and reputable providers may charge higher fees due to their track record, knowledge, and success rate in handling bankruptcy cases.
- Extent of Legal Representation: The scope of legal representation required can affect the cost. If you require full legal representation, including court appearances and negotiations with creditors, the cost may be higher than if you only need limited legal advice and assistance with documentation.
- Additional Services: Bankruptcy law service providers may offer additional services beyond basic bankruptcy filings, such as credit counselling or financial planning. These supplementary services may come at an additional cost, so it’s important to clarify what is included in the quoted price.
- Geographical Location: The geographical location of the bankruptcy law service provider can also impact the cost. Providers located in prime business areas or larger cities may charge higher fees due to higher operating costs.
Evaluating the Value of Bankruptcy Law Service Providers
When considering the cost of hiring a bankruptcy law service provider, it’s essential to evaluate the value you will receive in return. While cost is an important factor, it should not be the sole determining factor in your decision. Consider the following:
- Experience and Reputation: Look for bankruptcy law service providers with a strong reputation and extensive experience in handling bankruptcy cases. Their expertise and track record can significantly impact the outcome of your case, potentially outweighing the initial cost.
- Quality of Service: Assess the level of service provided by the bankruptcy law service provider. Do they offer comprehensive support and guidance throughout the bankruptcy process? Are they responsive to your queries and concerns? Quality service can make a substantial difference in your overall experience and the success of your case.
- Client Reviews and Testimonials: Research client reviews and testimonials to gain insights into the experiences of others who have used the services of the bankruptcy law service provider. Positive reviews and satisfied clients can be indicators of the provider’s reliability and professionalism.
- Initial Consultation: Take advantage of the initial consultation offered by bankruptcy law service providers. This gives you an opportunity to discuss your case, ask questions about the process and pricing, and gauge the provider’s compatibility with your needs.
Balancing Cost and Value in Hiring a Bankruptcy Law Service Provider
Hiring a bankruptcy law service provider in Singapore involves considering both the cost and the value you will receive in return for their services. While the cost is an important factor, it should be evaluated in conjunction with the expertise, experience, and quality of service provided by the bankruptcy law service provider.
By understanding the pricing structure, discussing additional costs, and considering the complexity of your case, you can make a more accurate assessment of the overall cost. Additionally, evaluating the value of the services, including the reputation, client reviews, and the level of support provided, will help you determine the true worth of hiring a particular bankruptcy law service provider.
Remember, bankruptcy is a significant legal process that can have long-lasting effects on your financial future. It is crucial to choose a bankruptcy law service provider who can offer reliable guidance and support throughout the journey. By finding the right balance between cost and value, you can ensure that you receive the necessary assistance while working towards a fresh financial start.