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The most important question is: How would your life change if you filed for bankruptcy?

There are restrictions imposed on bankrupts. Your assets vest in the Official Assignee and thus creditors can take no further legal proceedings against you to recover any debts incurred before your bankruptcy. In other words, you would get relief from your debts. You would also have the opportunity to restructure your repayment and maybe even reduce some of your outstanding debt. There are restrictions on travel, managing of business and you are required to account regularly on income and expenditure. A bankruptcy will stay on your credit report and it will reduce your credit worthiness. Your borrowing costs will increase and you may be unable to obtain certain types of credit. The decision to grant credit lies with the credit grantor. Landlords may not want to have you as a tenant, employers may not want to hire you and insurance companies may not want to insure you.There is no automatic discharge from bankruptcy in Singapore. A bankrupt will be discharged only upon satisfying the Official Assignee or the Court having regard to many factors, including the following:

(a) cause of insolvency

(b) amount of contribution into bankruptcy estate

(c) length in insolvency

(d) conduct in insolvency

Bankruptcy should be considered as a last resort to solve your financial woes.