How do we get out of bankruptcy?

Question

both hubby & I had filed for bankruptcy 3 yrs ago. Business failure, overdrawn credit cards, debts & pregnant at that time costed me my job. From dual to single income, everything starts crashing down like a card houses.
Now our kid is 3 yrs old & we are really frustrated as being a bankrupt in SG is worse than being a serial killer! 3 yrs being a failure had damaged our self esteem, confidence & spirit that we had lost all our drive to get up & face the world.
How can we get out of this?????

Answer 1

Not to sound cynical, but you're still in bankruptcy? I'm sorry but I'm confused. My bankruptcy was discharged in July of 2006, after filling in Jan of 2006. I already have two credit cards and because of that my scores jumped 120 points.

Did your attorney not inform you that the whole "7 years thing" is a misunderstood concept? I got my first credit card a week out of bankruptcy. You should have been rebuilding years ago? Why don't you start now. When you have your credit, your self esteem will come up.

Answer 2

I know how the effects of a bankruptcy can really mess up your life-we filed back in 1999 we were treated so awful, we couldn't even find a place to live because we lost our house too, no one would even rent to us, so we had to stay in a motel for over a year, not easy with 2 kids,it was devastating. We moved to another city and found that not all cities are the same, we didn't have any problems renting and we are only 3 hours away from were we were. Make sure your bills are on time for the next year and things will start to look up in no time, stay away from the credit cards too, I don't have any anymore and I don't miss them at all. Things will get better be happy with what you do have and don't worry so much.

Answer 3

Hi,

My mentor was almost bankrupt after oweing the banks $250K and his wife had a very young kid as well.

They got over it by starting a business. They now stay in a private property, drive a merc and have two happy children.. they also go on holidays as and when they feel like it.

We are in the business of helping people look and feel one dress size smaller within 1-2 months ;) Which means, we have a wonderful detox programme that helps people lose excess weight that they do not want and become one dress size smaller within 1-2 months.

I lost 15kg within 2 months using this detox and my mentor lost 14kg within 14 days on this detox.

The business will allow you to earn enough to get out of bankruptcy and turn your life around.. my mentor did this within 2 years with the help of this business.

For a start, this business will allow you to easily earn an extra $2000 a month and all you have to do is three things.

Number one, DON'T CHANGE. Continue to only recommend the things you love to your friends. Eg, your favourite salon, your favourite restaurant or your favourite movie.

Number two, we are in the business of helping women look and feel one dress size smaller within 1-2 months ;) Which means, we have a wonderful detox programme that helps people lose excess weight that they do not want and become one dress size smaller within 1-2 months.

Number three, all you need to do is to share with two people about this wonderful detox programme every month and in 6-9 months time, you will have enough people in your team to generate a stable $2000 income every month.

And that's it.

The rest is up to you.

So what do you think? ;)

You can see my before after pic here:
http://dreamsincredibles.blogspot.com/2005/10/angel-lost-15kg-within-2-months.html

If you are keen, you can email me at [e-mail]

Answer 4

Unfortunately for you, that bankruptcy is going to stay on your report for 10 years. You understand your side of the story but have to understand the point of view of the lenders- would you want to lend money to someone who has proven they will not pay it back?

However, you can start to repair your credit score. Pay all your bills on time. Try to get a secured credit card and/or secured loan at a bank or credit union. Typically you can still get those even with poor credit because the bank/credit union isn't at risk of losing their money. It'll take time but your credit score can raise and you can regain lenders trust. But you have ot be patient- you've burned them once and they're not going to trust you easily again.

Answer 5

In Singapore, so long your total debts is no more than $500,000, you can ask for a discharge of bankruptcy after 3 years. Of course, whether you are allow to be discharged will depend on OA reports and all your debtors, if they agreed for your bankruptcy discharge. Another way is to negotiate with all your debtors to clear all your debt.

Answer 6

Stop spending money or get a financial adviser

Answer 7

fake ur own death