Personal Bankruptcy and Insolvency Lawyers in Singapore

Q: Who can file for personal bankruptcy in Singapore?

Individuals and creditors may file for bankruptcy if the person owes at least $15,000 and is unable to repay. The debtor must be domiciled in Singapore, own property here, or have resided in Singapore for at least 1 year.

Q: What are the consequences of being declared bankrupt?

Bankrupt individuals face restrictions on borrowing, running businesses, overseas travel, and credit card usage. They must make monthly contributions and file required statements. However, bankruptcy also protects them from further creditor lawsuits and debt collection harassment.

Q: How long does bankruptcy last in Singapore?

Bankruptcy discharge typically occurs after 3 to 7 years for first-time bankrupts, depending on repayment progress and cooperation with the Official Assignee. Earlier discharge may be granted if debts are fully settled or creditors consent.

Q: Can I travel overseas if I am bankrupt?

Yes, but only with written permission from the Official Assignee or Private Trustee. Leaving Singapore without approval is an offence under the Insolvency, Restructuring and Dissolution Act (IRDA).

Q: What assets are protected in bankruptcy?

Protected assets include CPF savings and HDB flats where at least one owner is a Singapore Citizen. Essential personal belongings are also protected. Non-exempt assets such as bank accounts, shares, or valuables may be used to repay creditors.

Q: Are family members responsible for my debts if I go bankrupt?

No. Family members are not responsible for your debts unless they are co-borrowers, guarantors, or legally bound by contract. Bankruptcy affects only the individual declared bankrupt.

Q: How can IRB Law assist with personal bankruptcy matters?

IRB Law advises on bankruptcy risks, assists with alternatives such as DRS, negotiates with creditors, prepares court filings, and guides clients through the bankruptcy or discharge process with the Official Assignee.

In difficult situations, seek professional help

The prospect of bankruptcy is often unfamiliar and daunting to many people. You can rely on our lawyers to provide you with practical and affordable advice and representation. Knowledge of your legal position will enable you to make informed decisions going forward. You may be surprised at the range of options that are available.

All discussions with a law firm are not only confidential, but subject to legal professional privilege, meaning that they cannot be disclosed even in a Court of law. It is advised that companies seek legal advice at the earliest sign of trouble, as this actually helps to keep overall costs down.

Examples of the areas we regularly advise on are:

Dealing with pending law suits and demands for payment (E.g. if you have been receiving letters of demand, writ of summonses, etc.)
Crisis management and security of assets (E.g. if you have been facing enforcement proceedings or cash flow crises)
Management of the timeline for bankruptcy proceedings
Schemes of arrangement

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Areas of focus

Individual & corporate bankruptcy
Company restructuring
Issues of insolvency

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Why Choose IRB Law

Proven Legal Expertise

Our experienced team has a strong track record of achieving favourable outcomes across diverse areas of law.

Client-Centric, Solutions-Focused Approach

We provide clear, practical guidance aimed at resolving matters efficiently while reducing stress and conflict.

Transparent and Fair Fees

We offer competitive, fully transparent pricing with no hidden charges—giving you clarity from the start.

Our Dedicated Bankruptcy, Insolvency and Restructuring Team

Mohamed Baiross

Founding & Managing Partner, IRB Law LLP

Mohamed Baiross is the managing partner of IRB Law and one of the nation's leading lawyers in multiple practice areas, including civil, corporate, and commercial law. With over three decades of experience as a business lawyer, Mohamed Baiross has built a renowned corporate law firm in Singapore, providing expert legal services to global corporations and local businesses.

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Kulvinder Kaur

Partner

Kulvinder Kaur is a prominent commercial and corporate lawyer and an expert in litigation matters. Kaur is well-known in all courts of Singapore for strong legal representation in the most complex cases across multiple practice areas.

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FAQs

What is personal bankruptcy in Singapore?

Personal bankruptcy is a legal process for individuals who owe at least $15,000 and are unable to repay their debts. When a bankruptcy order is made, the individual’s assets are managed by the Official Assignee or a Private Trustee to repay creditors.

When should someone consider filing for bankruptcy?

A person should consider bankruptcy if they face overwhelming debt, constant creditor demands, or court proceedings. Bankruptcy may provide protection from creditors and allow structured repayment, but should be considered only after understanding its consequences.

Who can file for personal bankruptcy in Singapore?

Both creditors and individuals can file for bankruptcy. The minimum debt threshold is $15,000, and the debtor must be unable to repay. The debtor must also either be domiciled in Singapore, have property here, or have resided here for at least 1 year.

What are the consequences of being declared bankrupt?

Bankrupts face restrictions such as limits on borrowing, business ownership, overseas travel, and credit card access. They must also contribute to a monthly repayment plan and file statements of affairs. However, bankruptcy protects the bankrupt from further legal action from creditors.

How long does bankruptcy last in Singapore?

Discharge is possible after 3 to 7 years for first-time bankrupts, depending on repayment progress and cooperation with the Official Assignee. Those fully repaying their debts or with creditor consent may be discharged earlier.

Can I travel overseas if I am bankrupt?

Yes, but only with prior approval from the Official Assignee or Private Trustee. Unapproved travel may result in offences under the Insolvency, Restructuring and Dissolution Act (IRDA).

What assets are protected in bankruptcy?

Certain assets cannot be seized, including CPF savings, HDB flats (if at least one owner is a Singapore Citizen), and essential personal belongings. However, non-exempt assets such as bank accounts, shares, and valuable personal property may be used to repay creditors.

Are family members responsible for my debts if I go bankrupt?

Generally, no. Family members are not liable unless they were co-borrowers or guarantors. Bankruptcy affects only the individual declared bankrupt.

Can bankruptcy be avoided in Singapore?

Yes. Alternatives include the Debt Repayment Scheme (DRS), negotiating with creditors, instalment plans, voluntary arrangements, or refinancing. Many individuals can avoid bankruptcy with early legal advice.

How can IRB Law assist with personal bankruptcy matters?

IRB Law advises on bankruptcy risks, alternatives such as DRS or negotiations, prepares court applications, assists with debtor-creditor discussions, and guides clients through the bankruptcy or discharge process with the Official Assignee.