Can I sell my house after bankruptcy?

OngHuatHuat

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Let say my mortgage is with Uxx bank, I do not pay out despite of multiple reminders. Eventually the bank obtain a court order and made me a bankrupt.

Can I sell my house which is a private condo after being declared a bankrupt? The reason why I ask so is to avoid a fire sales by bank.

What will happen if I try to sell it? And there is an unaware buyer who pays me option fee?
 
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cscs3

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Let say my mortgage is with Uxx bank, I do not pay out despite of multiple reminders. Eventually the bank obtain a court order and made me a bankrupt.

Can I sell my house which is a private condo after being charged a bankrupt? The reason why I ask so is to avoid a fire sales by bank.

Likely, the bank will stop you from doing it.
You may also have CPF portion to take care.
 

fr33d0m

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You mortgage your house to the bank already. No one will buy your house without a discharge from the bank.
 

SBC

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May be do a re-price to a more friendly bank.

Can try Dxx Bank.
 

peterchan75

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Let say my mortgage is with Uxx bank, I do not pay out despite of multiple reminders. Eventually the bank obtain a court order and made me a bankrupt.

Can I sell my house which is a private condo after being charged a bankrupt? The reason why I ask so is to avoid a fire sales by bank.

What will happen if I try to sell it? And there is an unaware buyer who pays me option fee?

Not "charged a bankrupt". It's declared a bankrupt. The opposite of that is discharged bankrupt. Never ever let the bank make you a bankrupt if it can be avoided. The bank will take away all your asset except HDB flat. Cannot even have a bank account. Go oversea must seek OA(official assignee) approval.
 

OngHuatHuat

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Okay change already.

What will happen to those joint name assets?

Not "charged a bankrupt". It's declared a bankrupt. The opposite of that is discharged bankrupt. Never ever let the bank make you a bankrupt if it can be avoided. The bank will take away all your asset except HDB flat. Cannot even have a bank account. Go oversea must seek OA(official assignee) approval.
 

SBC

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You had just bought your MM unit. Any turn of event?
 

OngHuatHuat

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Unlikely.

Actually in the scenario that I illustrated, I am more interested to know if the buyer(ie the one paid the option fee) has a claim on the property after the declared bankrupt sold his property?

You had just bought your MM unit. Any turn of event?
 

henrylbh

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Unlikely.

Actually in the scenario that I illustrated, I am more interested to know if the buyer(ie the one paid the option fee) has a claim on the property after the declared bankrupt sold his property?

If you have paid option fee, kiss your deposit good bye. Report to the police is all you can do, if he doesn't want to refund.
 
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