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Can I sell my house after bankruptcy?

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Old 15-06-2018, 09:21 AM   #1
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Can I sell my house after bankruptcy?

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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Old 15-06-2018, 09:28 AM   #2
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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.
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Old 15-06-2018, 09:37 AM   #3
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Isnít there a bankrupt thread? Go ask there better.
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Old 15-06-2018, 09:43 AM   #4
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You mortgage your house to the bank already. No one will buy your house without a discharge from the bank.
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Old 15-06-2018, 09:44 AM   #5
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Try negotiating with the bank again - would this be possible?
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Old 15-06-2018, 10:09 AM   #6
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May be do a re-price to a more friendly bank.

Can try Dxx Bank.
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Old 15-06-2018, 10:43 AM   #7
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Buyer still can pay option.

You mortgage your house to the bank already. No one will buy your house without a discharge from the bank.
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Old 15-06-2018, 10:43 AM   #8
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The problem is owner has no money to pay.... how to negotiate?

Try negotiating with the bank again - would this be possible?
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Old 15-06-2018, 10:56 AM   #9
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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.
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Old 15-06-2018, 11:15 AM   #10
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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.
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Old 15-06-2018, 12:22 PM   #11
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Buyer still can pay option.
U think buyer stupid. Pay a few dollar can know if u bankrupt or not. Will check one.
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Old 15-06-2018, 01:23 PM   #12
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Okay change already.

What will happen to those joint name assets?
It's best that you consult a lawyer. The OA is very fast on this matter.
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Old 15-06-2018, 02:33 PM   #13
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You had just bought your MM unit. Any turn of event?
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Old 15-06-2018, 10:26 PM   #14
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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?
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Old 15-06-2018, 10:37 PM   #15
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"A bankrupt cannot sell, transfer or give his property away as the property vests in the trustee. Any actions taken by the bankrupt on his property will be deemed ineffective"

https://www.mlaw.gov.sg/content/io/en.html
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