In this article, we will share 5 ways to settle debts in Singapore. These 5 ways or solutions would be debts from credit cards, licensed money-lenders, hire purchases and others.
Society normally views bankruptcy as a failure that you’ll never be able to pick up from. The fact that the person is not being able to pay back any sum owed to any entity, person or company (or even government), is seen as the lowest state in life anybody can land themselves in. However, no matter how gloomy being bankrupt is, it’s certainly not the end of the world. In fact, many fundamental human liberties and rights will still be with you. Let’s see what, how and why!
1. You still can eat, sleep, play and breathe in your HDB
There’s no need to fear that your HDB flat will be repossessed and you’ll be finding yourself sleeping on the streets. Because HDB is not an asset, it will not be repossessed. This means a lot of things – you still can spend precious time with your loved ones in the comfort of your own home, organize a dinner, and be rest assured that you’ll at least be having a good night’s sleep. When you’re bankrupt, simple things in life suddenly become a luxury and if you look at it from another perspective, there are still luxuries in life that no one would be able to take away from you.
2. Yes, your passport is still with you – there is still a possibility for travelling overseas!
If you are bankrupt, what’s key is to always look on the positive side of things. If you’re bankrupt, it does not mean that you will be prohibited from exiting the shores of our sunny island forever and indefinitely. Technically, travelling abroad is still very much possible, provided you’re within the green zone of bankruptcy. All you need to do? Pay promptly the amount offered to you by your Official Assignee without skipping any payment – shouldn’t be a biggie because in the first place, the amount is designed to help you pay off your debts easily.
Of course, you’ll have to seek prior permission from your Official Assignee 14 days before you plan to leave the country. But doesn’t this mean that travelling is still a possibility for the right reasons? Don’t fret!
3. You can still enjoy the best of Singapore’s advanced public transport
Singapore’s public transport system has always been lauded as reliable and convenient by both our sinkies and foreign visitors alike. Being bankrupt does not mean that you cannot enjoy the same world-class transport system just like everyone else. Feel free to take a leisurely ride on the bus (of which certain buses now have on-board Wi-Fi – sweet!), or a quick train ride down to town if you so wish to. Anyhow, our public transport network is already so extensive that you can travel anywhere, anytime with ease and comfort.
4. No one is going to close your bank account
Many bankrupts fear that their bank accounts will be closed or forfeited once they declare bankruptcy. That’s certainly not true. A savings account is no one else’s but your own, and no one has the right to sneak into your bank account to withdraw the money like a thief. In fact, you still need a bank account nonetheless to pay your creditors, credit salary, etcetera. And the bank won’t close your account unless you explicitly give permission for them to do so. Simple, fundamental human liberties in Singapore – you won’t lose them even if you ain’t got no money.
5. Losing your job is actually not a likely consequence (as many would believe otherwise)
Except for companies registered with the Monetary Authority of Singapore (MAS), being bankrupt still gives you the right not to be forcefully terminated by your company or employer. In simple terms, you still get to keep your job! Your livelihood will never be forcefully taken away from you just because you’re bankrupt. The best thing is this: Your workplace will not be informed and nobody will know that you’re bankrupt unless you yourself, disclose it. Fair enough!
Bankruptcy is certainly not something that anyone would want, of course. Along with it comes a host of negative clauses (not being able to own a car, private property, so on and so forth). However, it clearly isn’t the end of the world. Here at Debt Aid, we are dedicated and committed to helping you get your life back on the right track. Bankruptcy is a small hurdle indeed!