The economy all over the world has been fluctuating ever since the pandemic that is COVID 19 hit us in the year 2020. Some of the countries have regained their economic status back to normal whereas others are still struggling in order to get back to their feet which is one of the reasons why bankruptcy is becoming so common, it is also common among businessmen to go bankrupt due to illegal activities that are being done. I am here to show you how you can avoid getting bankrupt and we are going to see bankruptcy discharge Singapore.
This helps individuals who have already been bankrupt to get back on their feet and become independent again without being stressed out. There are organization’s created in order to provide the individual who has been bankrupt with an opportunity to recover financially from being in debt, provided these individuals follow certain obligations that must be followed by any means. The program that has been developed to help such people is known as the Bankruptcy Rehabilitation Programme (BRP) which supports not only the bankrupted individuals but also their families as they journey to a new, fresh (financial) start.
How can one get discharged to bankruptcy in Singapore.
- The person who has been bankrupt may directly apply to the High Court so as to be granted with an Order of Discharge. The Official Assignee can also apply to the High Court for the bankrupt’s discharge under Section 124 of the Bankruptcy Act. After following the legal procedures one will become discharged as in would be released from bankruptcy, meaning that you would not be liable for paying any debts that were put on you during your bankruptcy, although there are certain types of debt that are still liable to the individual to pay.
- The process of being discharged from bankruptcy takes a long period of time to be considered. It takes almost 4 years starting from the time that you have filled the discharge, after that date it takes about 4 years for you to be cleared of all the charges that are hanging over your head.
- There are certain official websites that are there through which you can know whether any bankruptcy charges have been made against you or not, every country has their own particular websites for this so you have to check the site based on your country.
- The one disadvantage of getting into bankruptcy is that even after you have been completely discharged you have to wait for at least one or two years before you get back to a normal life again. After 1 or 2 years of being cleared from bankruptcy charges then you can even get mortgage.
