Debt collector singapore

Learn About Bankruptcy
Debt is a part of most lives – from housing to education, most adults will find themselves bound to some type of loan or debt. However, some may lose sight of their debt accruing and inch closer to bankruptcy.

Bankruptcy is a very specific arena in finance and law. Under s 61 of the Bankruptcy Act (“BA”), an application for bankruptcy can only be made where the debt has fallen due and is of at least $15,000.

While on the surface this may seem like a sizeable amount, a good percentage of the population rack up this debt within no time. It is only within circumstances where repayment becomes problematic that the concept of bankruptcy is raised.