pertaining bankruptcy

[cupidsux]

Age : 65 only has non cash value of term insurance .

Owe bank 100k

Has a fully paid hdb house via bank loan previously

Declares bankrupt in age 65 due to inability to service personal loan .

If he die at 75, term insurance still in force, will it be force to reimburse to bank 1st then to nominee ?

From my understanding, property under HDB, so they can do much anyway.

Or will I be sleeping under the bridge ?

 

[chuanz]

Disclaimer: DYODD, IANAL

just some stuff found with Google-fu

http://legalhelp.com.sg/question/details?quest_id=680

Is the insurance payout of life policy (if death/disability/illness) protected from creditor? If a bankrupt receives half of property as an estate when his parent pass away, will he be forced to sell his 50% share to pay creditor?

Answer :
On the assumption that the insurance policy names a beneficiary, then the proceeds will belong to the beneficiary, and it will be protected from the insured's creditors. In your query, the bankrupt will have possession of the half. The OA will decide how to deal with the 50% share and it may not compel the bankrupt to sell the 50% share. Further, it is difficult, if not impossible, to sell a 50% share in any property as a matter of practical enforcement.

 

[cupidsux]

thank you chuanz, im sorry for the inconvenience caused . appreciated . thank you