How does one end up losing everything? We provide some enlightenment on the topic that evokes the greatest financial fear.

What are my rights and obligations as a bankrupt?
Will one end up in Court?
What are my employment prospects as a bankrupt?
What does it mean when one is declared a bankrupt?
How might I be discharged from bankruptcy?
How is one made bankrupt?

One is made a bankrupt pursuant to an order of the High Court. The order is obtained after your creditor has succeeded in presenting a bankruptcy application before the Court.

This follows the expiration of a prescribed period of time stated in a document known as the Statutory Demand. The Statutory Demand states the nature and particulars of the debt owed (which must be a minimum sum of S$10,000) and carries with it a legal presumption that if the debt is not paid within the prescribed time period (21 days), the debtor is deemed unable to pay off the debt.