Huge Debts No Job - Cheap <2k Solution - DIY Self-filing Debtor's Bankruptcy - No need to jump etc

Aprily

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DRS is for
- debts below 100k
- ppl with a job

You won't be made a bankrupt then but I read from the others that still need to pay quite a bit of interest so pretty difficult to clear the debts etc ..... ??

Ya my submittion of debt is 89k but that point of time I haven't found a job .. just started work for like 1 week
 

kaypohchee

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Ya my submittion of debt is 89k but that point of time I haven't found a job .. just started work for like 1 week
Hmmm I think if you get made a bankrupt the amount you need to pay as the Target Sum as determined by the OA would be very much lower than the sum under the DRS
i.e. DRS not really much financial relief for you ???
 

Aprily

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Hmmm I think if you get made a bankrupt the amount you need to pay as the Target Sum as determined by the OA would be very much lower than the sum under the DRS
i.e. DRS not really much financial relief for you ???

I doubt drs can help me also.. so seeking help here what I should do.. gonna call them on Thursday
 

kaypohchee

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If your job pay is high
They might insist on your going DRS so won't become bankrupt n yet pay back more of the debts after minusing off your necessary living expenses

If your job pay is low n just covers yr expenses
Then I feel much better to become bankrupt than go on DRS ....
Also settles problem of future job loss etc when you won't be able to make the DRS payments
Otherwise your Filing Fees wasted too since no refund
 
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Izumi8

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If your job pay is high
They might insist on your going DRS so won't become bankrupt
Also settles problem of future job loss etc when you won't be able to make the DRS payments
Otherwise your Filing Fees wasted too since no refund

Hi, do you know why statement affairs need to fill this?
if you made payment to any creditor in the last 2 years before the date of the Bankruptcy Application or payment to any creditor after the date of the Bankruptcy

Of course we have made some min payments every months, then need to list down all min payment amouts and dates for all the cards? Really?
 

crystalcorrie

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Tomorrow is my cousin's court hearing date, anything to look out for? And is it after submit statement of affairs the oa will contact Him? Or tmrw he gets to meet the OA alr?
 

kaypohchee

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Hi, do you know why statement affairs need to fill this?
if you made payment to any creditor in the last 2 years before the date of the Bankruptcy Application or payment to any creditor after the date of the Bankruptcy

Of course we have made some min payments every months, then need to list down all min payment amouts and dates for all the cards? Really?
For me I simply listed down all the credit cards' last minimum payments

For self bankruptcy we hv Already filed the Statement of Affairs
So after the Court Hearing Date, about 1 month later at the Mass Briefing at the OA, I simply amend n sign against that same Statement of Affairs any changes since the Filing Date
E.g. remaining nominal balance in bank account (do "empty" your accounts including Joint Accounts as the OA will close ALL your accounts soon after n forfeit ALL monies)
Best is to hv NIl Assets - ZERO everything - cancel all existing insurance policies with Cash Value etc ....

The reason I put for my bankruptcy was the retrenchment 2 yrs back n continuing joblessness
 
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Aprily

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Hi
I think it is in Oct because you did not file for bankruptcy. It is debt repayment scheme (DRS) instead. Usually it will take about 6 months for them to do the paperwork for DRS and it is for debt below $100k. You may want to call MinLaw to check on this.
It's quite stupid when I went down to filed for bankruptcy , the lady at the counter told me I'm below 100k and told me to filed for drs ... which I have to went back to redo the papers .. but at that point of time I not even working
 

Aprily

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For me I simply listed down all the credit cards' last minimum payments

For self bankruptcy we hv Already filed the Statement of Affairs
So after the Court Hearing Date, about 1 month later at the Mass Briefing at the OA, I simply amend n sign against that same Statement of Affairs any changes since the Filing Date
E.g. remaining nominal balance in bank account (do "empty" your accounts including Joint Accounts as the OA will close ALL your accounts soon after n forfeit ALL monies)
Best is to hv NIl Assets - ZERO everything - cancel all existing insurance policies with Cash Value etc ....

The reason I put for my bankruptcy was the retrenchment 2 yrs back n continuing joblessness

So till I saw the OA , I still can use my bank account ?? Cause I need to bank in my salary
 

kaypohchee

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So till I saw the OA , I still can use my bank account ?? Cause I need to bank in my salary
Aiyoh your case now not clear cut
I do not know about DRS at all

My case also under the old rules n proceedings - end 2015 filing
I remember bank accounts got closed only after the Mass Briefing about 1 month after the Court Hearing
But now no more Mass Briefing ???

You go check your account lor
If still working, quickly withdraw $$ once your cheque cleared leaving like $10 inside
 

Aprily

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If bank account is frozen... CANNOT even draw a single cent out at all. I know cos mine was frozen before by IRAS (hehe...)

My court hearing was 6th of the month and my salary was banked in on 11th... then it was taken away!

Actually $15k can declare bankrupt. For DRS, your debt may be lower than $89k if your creditors do not turn up during the hearing. Then you will have to pay your debt within 5 years. At least no restrictions of being a bankrupt.

Does your employer know about your bankruptcy? Or pending bankruptcy?

Hi thanks for respond and yes my company knows I'm pending bankruptcy .. I told them before I started work .. I called Shirley to double check , I can don't filed for drs but I have to call minlaw up to tell them... so they can process with my hearing
 

Aprily

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Aiyoh your case now not clear cut
I do not know about DRS at all

My case also under the old rules n proceedings - end 2015 filing
I remember bank accounts got closed only after the Mass Briefing about 1 month after the Court Hearing
But now no more Mass Briefing ???

You go check your account lor
If still working, quickly withdraw $$ once your cheque cleared leaving like $10 inside

I doubled checked already .. it's pretty weird for them to put me in drs as I not even working when I filed bankruptcy so I just have to call them up and tell them I doesn't want drs.. btw thanks for replying
 

Aprily

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I was working part time n that company credited my salary to my bank ac which I thought which would be frozen since it was after court hearing!! But it was still taken away by the OA! I called the minlaw office n they said they will not take away salary credited to my bank account. Anyway... it will take weeks if not months to get it back I think.

After I have done my statement of affairs, I called them a few times to check if i can go down to the office to collect the letter to open bank account.

Right now, do not think your bank accounts are affected cos it will be frozen after you are declared bankrupt at the court hearing. My bank account was frozen a few days after the court hearing. I thought it would be on THAT day i had the court hearing. Dang! In the end, the money was taken away cos it was banked in a few days later! So upset!

Sorry , so they frozen your account before your hearing ???
 

Aprily

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What company is that? So good! Still employ knowing you are pending bankruptcy. Hope your colleagues will not know

Ntuc... I told them before I even started and I don't really mind ppl knowing as my debts is from my mum sickness
 

kaypohchee

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DRS sum much higher than Target Sum which is a mere percentage of debts

Can hold salary in cheque form 1st as got 6 months to deposit cheques into the new to be opened account
 

crystalcorrie

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Anyone knows what type of insurance we are allowed to buy? And where to buy from? Like no need to sit in front of the insurance agent to buy kind of insurance. Insurance for health.

Shield plan should not be a problem. Actually I think maybe so long as the policy does not have cash value should be alright.
 

endofworld

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Thank you TS for starting this informative thread. I have read it several times and thank u forummers for sharing your own experience as well.

It has been a difficult sobering experience to tell myself that I am indeed facing this route as well. It has caused me many sleepless nights and wondering how and when I will be embarking on this route. For those who have filed, i am sure you have been through many many difficult moments , feeling extremely dissapointed with yourself , wondering how to break the news to immediate family not forgetting the shame you have brought to them.

Suicidal thoughts come and go...it is really depressing to think about the situation without income. I know I need to be strong to face all this.
 

crystalcorrie

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So upset! OA wrote back n said the money was not deducted by them! So I called the bank to check n it was deducted by POSB loan assist! It was deducted after the court hearing! I really thot my bank accounts would be frozen by itself so did not do anything to them. Who knows the salary that went in was deducted by the bank! Damn! Think cannot take it back already ☹️☹️

Wah I didn't know bank can still do that after court hearing..
 

kaypohchee

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In my case I only kept some balance $$ in my POSB account for household GIRO payments (too lazy to effect the transfer changes before the filing)

End up the last payment paid from POSB to Singtel got sent by kaypoh-mistaken Singtel to OA n I had to do a Double Payment for Singtel from 711 when they sent another bill in my mother's name !!!!

For me DBS - POSB won't take the chance to makan the balance to pay themselves since I was already paying the extra Risk Insurance for all their unsecured debt facilities before doing the filing
They didn't even file any Proof of Debt with the OA too although I had included their debts in my Statement of Affairs
 
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