When a person cannot afford to pay their debts, they can apply for bankruptcy and be declared bankrupt by the high court. Although not required, it behooves a person to seek help from a bankruptcy lawyer in Singapore from IRB Law. Seeking help from a lawyer will make the process proceed much more easily. This will give a person peace of mind as they go through the process of overcoming their debt through the high court.
A lawyer will first help their client fill out the paperwork that must be filed with the high court. It is imperative this paperwork is filled out precisely and provides the court with accurate information. Once an Official Assignee has been assigned by the court, the official will be responsible for making sure all assets of the applicant are accounted for so certain types of assets can be liquidated and the proceeds given to the creditors that are owed.
It is important a person is prepared to be able to pay the bankruptcy filing deposit that will be charged to them. This amount is determined by the high court, and a proof of deposit must be filed with the court before the bankruptcy will proceed. A person must report all of the assets they own to the Official Assignee. This trustee must be informed of the assets so they can determine which are eligible for liquidation. Failure to provide accurate information could result in a dismissal of the bankruptcy.
Before a person decides to pursue bankruptcy, they need to make sure they have contacted their creditors and attempted to work out arrangements. Facing debt can be intimidating, but ignoring it will only lead to problems. If a person has done all they can to overcome their debt but still cannot afford to pay it off, it behooves them to seek help from a lawyer so they can start the process of filing for bankruptcy.
If you are finding it impossible to overcome your debt, now is the time to seek legal help. With the help of a lawyer, you can overcome the debt owed through bankruptcy. Call today to get started.