Enquiry on bankrupt.
- Thread starter pasir_ris_beach
- Start date
miloice
Well-Known Member
by declaring bankruptcy, u lose rights over your finances. The Official Assignee is in-charged of allocating your finances to repay your debtors.
Even after discharge, it will be tough in getting a credit card with bad history record. So jobs that requires you to travel, u can forget it.
Before considering this path, get a full picture of all your debts and focus on those with highest interest. Look for loan packages that offers a lower interest with a feasible repayment plan to offset these high interests ones 1st.
Even after discharge, it will be tough in getting a credit card with bad history record. So jobs that requires you to travel, u can forget it.
Before considering this path, get a full picture of all your debts and focus on those with highest interest. Look for loan packages that offers a lower interest with a feasible repayment plan to offset these high interests ones 1st.
no name,
how much is your debt? most times when u're in debt and look at it, it seems insurmountable... but there's no debt tat is IF u start to apply the same logic as paying for a house or car - it's just a matter of time mutilplied by the income u can bring in... and with this apply strong principle, patience n perseverance...
how much is your debt? most times when u're in debt and look at it, it seems insurmountable... but there's no debt tat is IF u start to apply the same logic as paying for a house or car - it's just a matter of time mutilplied by the income u can bring in... and with this apply strong principle, patience n perseverance...
susanna_low
New Member
No credit card, actually debit card is ok right? Its functions is totally similar as credit card except it directly deduct the $ from the bank account, no $ can't swipe and can be used in overseas too.
For those who can't handle their own finance will be much better off using a debit card.
For those who can't handle their own finance will be much better off using a debit card.
pasir_ris_beach
Member
No name,
u wont lose your job if u decide to declare for bankruptcy, unless your job has something to do with money(no matter as long as it involve $$$$) or with stat boards.
u wont lose your job if u decide to declare for bankruptcy, unless your job has something to do with money(no matter as long as it involve $$$$) or with stat boards.
pasir_ris_beach
Member
Milo
Yeah things r slightly better and i am able to cope at a slow pace even though i started being very firm with my finances after learning a lot abt my husband. In fact not easy for last two years but still on cold wars at times when i refuse to help n he starts angry.. i dun care a heck now cos i dun want to end up like him, losing control over money issues.
Yeah things r slightly better and i am able to cope at a slow pace even though i started being very firm with my finances after learning a lot abt my husband. In fact not easy for last two years but still on cold wars at times when i refuse to help n he starts angry.. i dun care a heck now cos i dun want to end up like him, losing control over money issues.
pasir_ris_beach
Member
i agree with susanna. Debit cards are better for those who r weak in their spendings.
Milo,
during my last conversation wtih a guy friend yesterday. he suddenly asked me if possible to supp a card to him even though we r ony friends. I ASKED HIM why shd i supp a card to him despites he earning 2,5k p.m and he got discharged from bankruptcy not too long ago. he said he tried applying for cc and renovation loan but got rejected. and he sort of struggling with the renovation costs. I told him sadly i could not agree to supp any cards to him at all n he sounded disappointed.
I dunno if i sound too "selfish" to him but i dun want to lose more worries over this if i shd supp cards to my friend's hubby. Are there such cases before??? I never supp any cards to my friends before except only my immediate sister n husband.
Milo,
during my last conversation wtih a guy friend yesterday. he suddenly asked me if possible to supp a card to him even though we r ony friends. I ASKED HIM why shd i supp a card to him despites he earning 2,5k p.m and he got discharged from bankruptcy not too long ago. he said he tried applying for cc and renovation loan but got rejected. and he sort of struggling with the renovation costs. I told him sadly i could not agree to supp any cards to him at all n he sounded disappointed.
I dunno if i sound too "selfish" to him but i dun want to lose more worries over this if i shd supp cards to my friend's hubby. Are there such cases before??? I never supp any cards to my friends before except only my immediate sister n husband.
miloice
Well-Known Member
Blur,
a friend that doesn't know how to respect you isn't worth your friendship. Who would one expect others to bail them out. Its not an obligation. Everyone have their own problems and priorities.
When one asks for help, there should be no expectation whatsoever. Whatever help that is offered, receive them with gratitude. And if there isn't, it should be expected. This is how I view it personally.
a friend that doesn't know how to respect you isn't worth your friendship. Who would one expect others to bail them out. Its not an obligation. Everyone have their own problems and priorities.
When one asks for help, there should be no expectation whatsoever. Whatever help that is offered, receive them with gratitude. And if there isn't, it should be expected. This is how I view it personally.
miloice
Well-Known Member
Debit or credit,,, it can mean the samething if we spend within our limits. My credit cards bills are paid via GIRO. And I never delay a single payment.
This way, its as good as debit cards but with all the benefits that banks offer for their credit services.
When overseas, I always use by KrisFlyer credit card to get more miles.
This way, its as good as debit cards but with all the benefits that banks offer for their credit services.
When overseas, I always use by KrisFlyer credit card to get more miles.
pasir_ris_beach
Member
Is it? hmm i usually use cash everytime i went shopping overseas. I din know credit cards can be used overseas. oops. i din know. I adopted this habit of paying in cash if in overseas. My younger sis n ex bro-in-law influenced me into use cash to pay for everything despite hvg credit cards some years ago.
miloice
Well-Known Member
yes, credit cards can be used overseas. But trade off is, sometimes, banks exchange rates may not be so good.
Especially on biz trips, one should benefit fully from the incentives unless your company mandate you to use a corporate credit card. I pay for car rental, petrol and accomodation. Normally able to generate much spendings.
cuclainne, u wrote :
"but it's all too common to see people spending, spending, spending cos they think that as long as they meet the minimum payment (by taking money from another card), it's ok .. but the amount actually snowballs .."
Paying the mim payment doesn't stop the bank from charging the annual interest rates monthly. So, I really cannot understand why someone would pay the min unless they are spending beyond their means. OR, they failed their simple math in school!
Especially on biz trips, one should benefit fully from the incentives unless your company mandate you to use a corporate credit card. I pay for car rental, petrol and accomodation. Normally able to generate much spendings.
cuclainne, u wrote :
"but it's all too common to see people spending, spending, spending cos they think that as long as they meet the minimum payment (by taking money from another card), it's ok .. but the amount actually snowballs .."
Paying the mim payment doesn't stop the bank from charging the annual interest rates monthly. So, I really cannot understand why someone would pay the min unless they are spending beyond their means. OR, they failed their simple math in school!
i heard on the radio a few months back about bad debts and they quoted how young people are turning to paying by instalments for big-ticket items like big tvs, etc cos then these items become 'affordable' to them .. but then they forget and keep taking more and more items which means more and more to pay .. they interviewed a guy who said he bought a tv first and it came to about $200 a month. then he thought the amount is still manageable so he went out and bought something else until he finally realised that he had to pay like $1.5K or something per month and his take-home pay is about $2.5K. so he said he takes money from credit card to pay .. and where does the money to pay card comes from - sky?
miloice
Well-Known Member
well... exactly.... he probably failed his math in school. LOL.
Frankly, they said they forget. That's a lame and convenient excuse. It just points to LACK OF SELF CONTROL in their spending urges. When u empower the temptation with quick easy credit, they simply fall into the trap. Most people are not that forgetful. They did not fall into a sudden trance and temporary lose memory about their finances.
Frankly, they said they forget. That's a lame and convenient excuse. It just points to LACK OF SELF CONTROL in their spending urges. When u empower the temptation with quick easy credit, they simply fall into the trap. Most people are not that forgetful. They did not fall into a sudden trance and temporary lose memory about their finances.
my husband bankrupt 3 yrs before?his credit less than $500,000.he used to pay regular monthly payement $500.This yr may he completed three yrs.so he asked OA whether he is eligible for discharge?So OA said he can but he need to pay some amount .so i arrange $5000 and paid for him.we paid on 2 july 2009 but still we didnt receive Discharge letter from OA?if any one know when they will give us discharge letter how long the processing take place?pls help me thkq
pasir_ris_beach
Member
Sanju
this issue of yours-i could not provide the knowledge but i can cite an example of a friend's husband that is similar to your hubby's case.. My friend's husband got discharged last year and was totally excited to be out of bankruptancy finally after 3.5 to 4 yrs. however there were some hiccups after that, he ran into several problems with borrowing loans and applying for the credit cards too.. So now with that the fact he REALLY cannot take any bank loan to pay for renovation or buy hdb flat, so kinda of stuck as they r planning to buy a older 4 room flat but cannot!. luckily their cpf is enough to cover the entire 3 room flat purchase cost.. so sanju please be very sure that you are able to help your hubby shd he really get hiccups in borrowing from bank after being discharged from the bankruptancy.
this issue of yours-i could not provide the knowledge but i can cite an example of a friend's husband that is similar to your hubby's case.. My friend's husband got discharged last year and was totally excited to be out of bankruptancy finally after 3.5 to 4 yrs. however there were some hiccups after that, he ran into several problems with borrowing loans and applying for the credit cards too.. So now with that the fact he REALLY cannot take any bank loan to pay for renovation or buy hdb flat, so kinda of stuck as they r planning to buy a older 4 room flat but cannot!. luckily their cpf is enough to cover the entire 3 room flat purchase cost.. so sanju please be very sure that you are able to help your hubby shd he really get hiccups in borrowing from bank after being discharged from the bankruptancy.
greenman123
New Member
Hi, I'm married with a child. Came across this helpful forum from internet search. I need help desperately. I may become bankrupt because i acted as guarantor for relative. Would like to seek advice of those who have experience or know something about bankruptcy. As my question is rather private, can I PM any of you? Any help will be greatly appreciated.
rofthelper
Member
Green Man, you didn't allow your pm function.
You can pm me if you have any Qns regards to bankruptcy.
Generally, if your relative default his/her payment, both you as a guarantor and your relative will be sued for bankruptcy by the creditor, if the total debt exceeds 10k.
However, there are some alternatives to bankruptcy if both you and your relative can work it out a repayment scheme.
You can pm me if you have any Qns regards to bankruptcy.
Generally, if your relative default his/her payment, both you as a guarantor and your relative will be sued for bankruptcy by the creditor, if the total debt exceeds 10k.
However, there are some alternatives to bankruptcy if both you and your relative can work it out a repayment scheme.
confused09
New Member
dear blur,
do not give a bankrupt, a supplementary card. period. this experience and arrangement must help him learn to manage his finances (the hard way). emotional support yes, be there in spirit. attend counselling sessions with him. but do not repay his debts for him. be there to back him up only when he requires real pressing, financial support.
when made a bankrupt, his case will be followed up by an OA, who approves and oversees his bank accounts etc. consult his OA for such matters.
he must learn how to control his finances. this is an excellent time for him to do just that. don't coddle him anymore. he needs to toughen up and learn to live without such vanity/convenience.
do not give a bankrupt, a supplementary card. period. this experience and arrangement must help him learn to manage his finances (the hard way). emotional support yes, be there in spirit. attend counselling sessions with him. but do not repay his debts for him. be there to back him up only when he requires real pressing, financial support.
when made a bankrupt, his case will be followed up by an OA, who approves and oversees his bank accounts etc. consult his OA for such matters.
he must learn how to control his finances. this is an excellent time for him to do just that. don't coddle him anymore. he needs to toughen up and learn to live without such vanity/convenience.
pasir_ris_beach
Member
confused 09
if u read my thread carefully, that was abt 2 yrs ago. Now i rest my case at ease as i got the necessary informations on hand.
if u read my thread carefully, that was abt 2 yrs ago. Now i rest my case at ease as i got the necessary informations on hand.
