How Does One Become Bankrupt And How To Avoid It?


According to the High Court, an individual becomes bankrupt if he or she owes at least S$10,000 and has no means to pay it. Filing for bankruptcy can be done by the creditor or the debtor. A deposit of S$1,600 to the Official Assignee (OA) is required. The OA is the authority that is responsible for selling as many of your assets as possible to repay your creditors. Credit bureaus will display your bankruptcy date for five years after the date of discharge. Aside from


Personal Finance

3 Simple Tips To Stop Living From Paycheck to Paycheck

Living barely within your income is not a laughing matter. When you are living paycheck to paycheck, you live a life of constant stress, worry, and dread that you might be stuck in an unfortunate debt. It is a struggle to gain control of your money and your commitments. So, here are 3 Simple Tips To Stop Living From Paycheck to Paycheck… 1. CREATE A SYSTEMATIC FINANCIAL OPERATING SYSTEM In order to cease your worries, a huge turnover can be


Credit & Loan

Personal Loan 101: Golden Information You Should Know

Like a kid in a candy store, consumers have various loans to choose from. From education loan to home loan, we shall look at personal loan through a microscope. Personal loans are used for family emergencies, home furnishings, or consolidating other debts. These loans are often short-term. 1. APPLICATION PROCESS You will be asked to complete a loan application that may include: your name, NRIC, date of birth, address, current and previous employers, length of employment, occupation, sources of income,