To be eligible for personal bankruptcy, individuals must have unsecured debts exceeding SGD 15,000.

The bankruptcy process starts by filing a bankruptcy application with the Official Assignee (OA), an appointed officer overseeing bankruptcy proceedings.

Certain assets, such as necessary personal belongings and tools of trade, are typically safeguarded from liquidation during bankruptcy.

Debtors may be required to make monthly income contributions, with the amount determined based on their financial circumstances.

Personal bankruptcy typically lasts a maximum of five years, contingent on meeting the conditions set by the OA.

Upon successfully fulfilling bankruptcy terms, remaining unsecured debts are usually discharged, offering individuals a fresh financial start.

Bankruptcy has substantial credit consequences, including a long-lasting record on one’s credit report, impacting the ability to secure credit, housing, or specific professions.

Yes, alternatives such as debt repayment plans, debt consolidation, and negotiations with creditors exist to help individuals avoid the enduring credit ramifications linked to bankruptcy.

While not mandatory, many individuals opt for legal counsel to navigate the intricacies of the bankruptcy process and ensure their rights are protected.

Bankruptcy primarily addresses unsecured debts. Secured debts, such as mortgages or car loans, follow separate legal processes, and the treatment of these debts may differ.