Bankruptcy Lawyers

Bankruptcy Law Specialists

Are your debts out of control?  Are your creditors causing you constant stress? Filing for voluntary bankruptcy could provide the relief you need.

At PKWA Law, we specialise in guiding individuals through self-filed bankruptcy, with a proven track record of success. We offer expert guidance and fixed fees, ensuring there are no hidden costs.

Understanding Bankruptcy in Singapore

Bankruptcy can be a crucial option if you're unable to manage your debts. Before proceeding, it’s essential to understand your choices and how bankruptcy may impact you and your family. Here’s a guide to help you decide if filing for bankruptcy is the right path for you.

Bankruptcy Overview

In Singapore, individuals who owe at least S$15,000 and cannot repay it can voluntarily file for bankruptcy. Creditors can also initiate bankruptcy proceedings against a debtor through the court. Once declared bankrupt, your assets, except your HDB flat, are sold to repay creditors. Most bankruptcies are managed by the Official Assignee (OA), although substantial debts might involve a private trustee.

Why Consider Voluntary Bankruptcy?

Filing for self-bankruptcy can be a relief if:

• You’re unable to repay your debts in full.
• You cannot reach a repayment agreement with your creditors.
• Once bankrupt, your debt and interest are frozen, and you will make reduced monthly repayments to the OA. Creditors can no longer sue you, providing relief from constant financial pressure.

Costs of Self-Filing

Filing for bankruptcy involves specific costs, including a $1,850 deposit to the Official Assignee and other disbursements. Our fee structure remains clear and straightforward, ensuring no unexpected expenses.

How We Assist

Financial Evaluation:

We conduct a thorough assessment to recommend the most suitable solutions for your financial challenges.
• Exploration of Options: We investigate all possible remedies before proceeding with bankruptcy, ensuring you understand all available alternatives.
• Guidance Through Bankruptcy: If bankruptcy is the best choice, we provide comprehensive support through filing and management.

Contact Us

If you're considering bankruptcy or need expert advice on managing your debts, reach out to us. We’ll provide the guidance you need to navigate your financial challenges effectively. Call us today to discuss your situation and find the best solution for your needs.

Contact Us