Why Do People File Bankruptcy in Singapore?

There are many reasons people can find themselves overwhelmed by debt. Often, poor decision making or unexpected job losses occur and cause debt to mount. Before making any steps to overcome debt, a person first needs to contact their creditors. Doing so may allow them to make satisfactory payment arrangements that will allow them to catch up on the debts. If arrangements cannot be made, a person can always seek help from the bankruptcy lawyers in Singapore.

These are the most common signs people need to file bankruptcy.

  • When a person finds themselves unable to keep up with their credit card payments, it may be time to file for bankruptcy, especially if they discover they are taking money away from everyday necessities to pay the bills.
  • Those who end up using one credit card to make a payment on another are setting themselves up for serious debt issues. A person should never use credit cards to pay a credit card payment because this greatly increases their debt.
  • When a person is trying to overcome debt, they may take on extra work in an attempt to gain the money they need. If more than one job still isn’t helping, it is time for a person to consult a lawyer so they can determine if bankruptcy is a viable option.
  • Debtors who learn their wages are about to be garnished need to seek help from a lawyer so the action can be stopped with bankruptcy. When a bankruptcy is put in place, it requires all creditors to cease and desist any collection activity.
  • When debt becomes too much to deal with, it often causes a great deal of stress that spills over into a person’s professional and personal life. When stress caused by debt is getting the best of a person, it is wise for the individual to seek legal counsel.

If you are experiencing any of these issues, it would be prudent for you to meet with a lawyer to determine if you are a good candidate for bankruptcy. Call today so you can schedule a consultation appointment to get started on the process.