Where does a person, or business turn when their debts exceed their assets? While it’s worth it to ponder the outcome of what will happen if the bills aren’t paid, it’s better to get busy and hire a lawyer who can help. If a person is a resident of Singapore, at least $10,000 or more in debt, or a business that’s been operating for one year, the resident can file for bankruptcy. Both the creditor and debtor can begin their own proceedings. Naturally, the creditor wants paid what they’re owed for products purchased by the debtor, ahe debtor wants out from under all the bills he/she owes very quickly.
For both the resident, and owner of the business, there is much heartache and humiliation that goes into filing bankruptcy, but the liquidation lawyers in Singapore can certainly help. The liquidation of assets means that the goods the business owns may be sold to pay their debts to one or all their creditors. If one is paid off and there’s money left over, each creditor can be paid what they’re owed, one at a time. Quite often, there isn’t enough money left over and decisions must be made by the lawyers. Creditors can hire lawyers and debtors can hire lawyers. Each lawyer will work with their client to gain the most favorable outcome they can for each one.
When a resident files for bankruptcy in Singapore, they must prove they absolutely don’t have the means to repay their creditors. At the same time, if the creditor files the proceedings, they have to prove the debtor has liabilities over and above the assets he/she owns. Most people don’t understand everything that goes on in a bankruptcy procedure. They do know that if it’s favorable to them, they’ll be able to make a new start, breathe a breath of fresh air, and feel better about themselves. This is a very difficult and stressful time for any individual or business.
Knowing they have done every reasonable thing imaginable to re-coup themselves, and start out with a new slate again, is refreshing. If, through the help of their attorneys, they’ve were able to repay some debts and keep their home, it was all worth it. Now, it’s time to start over again.