Best Bankruptcy & Debt Lawyers in Singapore

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Silvester Legal LLC
Clarke Quay, Singapore

Founded in 2018
10 people in their team
English
YOUR PARTNER, YOUR ALLY, YOUR ADVISOR. Silvester Legal LLC excels in disputes and corporate matters. We specialise in shareholders disputes. When you engage us, you engage a team that will provide you with proactive and strategic legal counsel to resolve your legal issues. For...

Legal guides written by Silvester Legal LLC:

  • The Liability of Directors for Company Insolvencies
  • Mediation: Keeping disputes out of court
  • Mediation: Parties get to meet early on
Stabit Advocates
Chinatown, Singapore

Founded in 2000
173 people in their team
English
French
Spanish
Chinese
German
Stabit Advocates LLP (https://www.stabitadvocates.com) is one of the top law firms in the world and stands as a beacon of legal excellence, recognized as one of the top law firms in East Africa, Africa and Globally with over 75 practice areas. Our firm is synonymous with top-tier legal expertise,...

Founded in 1995
4 people in their team
English
Chinese
Malay
The firm primarily operates in these practice areas: Criminal Law, Civil Litigation, Dispute Resolution, Corporate and Commercial Law, Debt Collection, German Law, and Transnational and Cross Border Work particularly in the ASEAN region. We have developed a very close working relationship with our...
Covenant Chambers LLC
Clarke Quay, Singapore

Founded in 2016
27 people in their team
English
Chinese
We provide cost-effective & prompt legal services of big firm quality by harnessing tech-driven digital automationA trusted and tech-driven law firm, Covenant Chambers LLC focuses on commercial and property disputes and tech, media and IP. Founded in 2016, the firm has assembled a unique...
GABRIEL LAW CORPORATION
Raffles Place, Singapore

Founded in 1986
15 people in their team
English
Chinese
At Gabriel Law Corporation, we pride ourselves on providing legal services tailored to our clients' needs. We represent a spectrum of clients from individuals to multinational corporations. Regardless of the size or complexity of the claim, we ensure that our clients have effective and expert legal...
KELVIN CHIA PARTNERSHIP

KELVIN CHIA PARTNERSHIP

15 minutes Free Consultation
Harbourfront, Singapore

Founded in 1995
80 people in their team
English
Chinese
Japanese
Malay
Tamil
Tagalog
Burmese
Thai
Kelvin Chia Partnership is a commercial law firm established in Singapore since 1995 with an established regional presence through on-shore offices in Thailand, Myanmar, Vietnam, Cambodia and Indonesia. We have strong affiliations with law firms in the Philippines and Malaysia, and as an exclusive...
Yuen Law LLC
Clarke Quay, Singapore

Founded in 2012
40 people in their team
English
Chinese
Yuen Law LLC is a highly accoladed Singapore law practice established in 2012. Our practitioners are highly experienced in sale and purchase of companies and assets, joint ventures, venture capital, corporate law, fintech regulations, disputes resolution, family law and trusts, and conveyancing....
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About Bankruptcy & Debt Law in Singapore

Bankruptcy & Debt law in Singapore governs the process by which individuals or companies can seek relief from overwhelming debts. It provides a legal framework for creditors and debtors to resolve financial obligations and offers a chance for a fresh start.

Why You May Need a Lawyer

You may need a lawyer for Bankruptcy & Debt issues in Singapore if you are facing mounting debts, have been threatened with legal action by creditors, are considering filing for bankruptcy, or need help negotiating with creditors to restructure your debt.

Local Laws Overview

In Singapore, Bankruptcy law is primarily governed by the Insolvency, Restructuring and Dissolution Act (IRDA). The law provides for bankruptcy proceedings for individuals and companies, debt restructuring options, and mechanisms for creditors to recover debts.

Frequently Asked Questions

1. What is the difference between bankruptcy and debt restructuring?

Bankruptcy involves the formal legal process of declaring insolvency, whereas debt restructuring involves negotiating with creditors to restructure payment terms and reduce debt obligations.

2. How can I file for bankruptcy in Singapore?

You can file for bankruptcy by submitting a bankruptcy application to the Official Assignee at the Insolvency Office under the Ministry of Law.

3. Can I still run a business if I file for bankruptcy?

Yes, but you may need to seek approval from the Official Assignee and comply with certain restrictions on managing a business while bankrupt.

4. What happens to my assets if I file for bankruptcy?

Your assets will be vested in the Official Assignee who will administer and distribute them to your creditors to satisfy your debts.

5. Can creditors continue to harass me after I file for bankruptcy?

No, once you file for bankruptcy, creditors are legally required to stop pursuing you for payment and must deal directly with the Official Assignee.

6. What are my options for debt restructuring in Singapore?

Debt restructuring options in Singapore include schemes such as debt repayment plans, voluntary arrangements, and judicial management for companies facing financial distress.

7. How can a lawyer help me with debt negotiation?

A lawyer can help negotiate with creditors on your behalf, review and draft repayment agreements, represent you in court proceedings, and provide legal advice on debt restructuring options.

8. Can I discharge my debts through bankruptcy?

Yes, bankruptcy allows for the discharge of unsecured debts, providing a fresh start for individuals overwhelmed by debt obligations.

9. Are there alternatives to bankruptcy in Singapore?

Yes, alternatives to bankruptcy in Singapore include debt repayment plans, debt consolidation, debt settlement, and debt restructuring options tailored to individual financial circumstances.

10. How do I know if I need to consider filing for bankruptcy?

If you are unable to repay your debts, facing legal action from creditors, or experiencing financial hardship, you may need to consider filing for bankruptcy as a solution to resolve overwhelming debt obligations.

Additional Resources

For more information on Bankruptcy & Debt in Singapore, you can visit the Ministry of Law's website, seek guidance from the Insolvency Office, or consult with legal aid organizations such as the Law Society of Singapore.

Next Steps

If you require legal assistance with Bankruptcy & Debt issues in Singapore, it is recommended to seek advice from a qualified bankruptcy lawyer who can assess your situation, provide legal guidance, and help navigate the complex legal process of resolving debt obligations. Consultations with lawyers specializing in Bankruptcy & Debt law are available to discuss your options and determine the best course of action to address your financial concerns.

Lawzana helps you find the best lawyers and law firms in Singapore through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Bankruptcy & Debt, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Singapore - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.