Mounting debt is something no one wants to have to deal with because it can become overwhelming dealing with creditors. The constant calls and threatening letters can become too much to handle. Thankfully, there is a legal way citizens of Singapore can get out of their debt. It is important a person is aware of their responsibilities while under bankruptcy so they can make a sound decision on whether or not this legal process will benefit them.
If a person is dealing with overwhelming debt, it is imperative they seek help right away. Debt can become more than a person can handle. In some cases, it can lead a person to lose their home, business, and other possessions, if they are not proactive and seek legal guidance right away. If a person meets all of the requirements, including having debts that are above $10,000, they may be approved for bankruptcy if the court finds them truly unable to pay back their debts.
When bankruptcy is approved, an official assignee is put over the case. This person is responsible for investigating a debtor’s finances and gathering all non-exempt assets so they can be liquidated to pay off the debts owed. It will also be the duty of the official assignee to help the debtor receive a discharge once their bankruptcy is complete.
Before a person chooses bankruptcy, it is imperative they seek help from a lawyer. Meeting with a lawyer to go over the debts owed and assets owned can be beneficial. The lawyer can help advise their client on whether or not bankruptcy is a viable choice to help them overcome their debt.
If a person finds themselves in debt, it is imperative they do not ignore the phone calls or letters of their creditors because the creditors can sometimes become aggressive and even take legal action. It is wise to contact the creditors in an attempt to work out satisfactory payment arrangements. If this is not possible, a person should seek help from a lawyer.
Those who are dealing with more debt than they can handle should visit irblaw.com.sg. This site is full of information to help individuals overcome their debt once and for all.