Beginner’s Guide to Choosing Your Best Bankruptcy Lawyers in Singapore
Filing for bankruptcy is not necessarily the end of the road but rather an avenue to restructure your finances. At first glance, your team of auditors and accountants may seem sufficient. However, bankruptcy filing also involves the law, and it doesn’t hurt to have a legal professional onboard. In fact, the best bankruptcy lawyers in Singapore can help your team strategise towards better outcomes.
In Singapore, you can file for bankruptcy if you owe more than SDG15,000 and are unable to make repayments. The law allows either the debtor or creditor to file for bankruptcy, and its purpose is to settle the debt. Singapore’s Ministry of Law (MinLaw) statistics show 3060 bankruptcy applications by the third quarter of 2022.
There’s no real need to face the challenges of bankruptcy alone, and going pro se (representing yourself) is challenging. Our guide walks you through the reasoning as to why you’ll be better off with a good lawyer. You also don’t have to fret about finding reliable bankruptcy attorneys. Our Top 10 list names the best in Singapore, and they are ready to protect your interests.
What Are Bankruptcy Lawyers?
Generally, bankruptcy is a legal procedure that enables a person, or a business, to seek relief for debts. It does not absolve them of their obligations but facilitates a recovery or repayment framework via a court order. In Singapore, the General Division of the High Court hears all bankruptcy proceedings. Upon a declaration of bankruptcy, a court-appointed trustee takes over the assets, etc.
A good bankruptcy lawyer should be well-versed in Singapore’s omnibus legislation for restructuring, insolvency, and dissolution. They should be able to handle all aspects of a filing or petition and can represent creditors or debtors. Some of the services from the best bankruptcy lawyers in Singapore include the following:
- Counsel on the process and suggest strategies
- Collate relevant financial records
- Prepare, file, and submit relevant legal documents
- Draft motions, responses, etc.
- Negotiate settlements or payment schemes
- Represent the client in court
While bankruptcy filing aims to help the debtor, there are also ramifications to being declared bankrupt. In Singapore, bankrupts face these restrictions and requirements:
- A court-appointed trustee will manage all assets and finances
- Monthly contributions from salary to repay the debt
- Cannot be a director, trustee, or personal representative
- Cannot manage a business or leave Singapore without authorisation
- Restrictions on borrowing money
Why Do You Need Bankruptcy Lawyers?
Bankruptcy, as we know, is a legal process, and the best people for the job are lawyers. They have the training, skills, and qualifications to navigate the complexities of the legal framework. Bankruptcy law is complex, and a good attorney will help you make sense of it all – from terminology to procedures.
You need to observe stringent regulations for bankruptcy. For example, submission of the proper financial records and legal documents and attending creditors meetings. Mistakes can result in the dismissal of the case or a failure to protect your rights properly. In some instances, filing for bankruptcy may not even be the best option, something a good lawyer would know immediately.
A skilled lawyer will provide a strategy that circumvents fraudulent practices, such as hiding assets. Instead, they will be able to work out a framework that will actually protect assets where viable. They will also deal with creditors so that they don’t harass the debtor for payment, causing unnecessary stress or embarrassment. Good legal representation ensures that any discharge is complete, thereby saving you from nasty surprises in the future.
It’s important to realise that there is no one-size-fits-all solution to legal and financial woes. Each bankruptcy case is unique to the individual or business. Your attorney will be able to assess your case and counsel you on the best course of action. Legal professionals are a great balm in this time of distress and will provide stability while protecting your interests.
Where Should I Find the Best Bankruptcy Lawyers in Singapore?
Being bankrupt is a serious and sticky situation for anyone to find themselves in. Sometimes, despite prudent strategies, businesses do fail and are unable to keep up with overwhelming financial obligations. In other instances, a loss of income, unforeseen emergencies, or poor financial management will bring the creditors to your doorstep. Regardless of the reason, the sensible thing to do is get help.
Bankruptcy may be an avenue to get a better handle on debts, but it is nevertheless a legal issue. Enlisting professional legal assistance is one way to take positive action in a dire situation. You’ll find the names of the best bankruptcy lawyers in Singapore in the list below.
These names represent the best attorneys on the island, well-versed in their craft and highly respected by their peers. Impeccable track records, and decades of practice in which to hone their skill, set them above the rest. You can safely place your trust in these bankruptcy attorneys who adopt a client-first approach towards impeccable legal representation.
Here are the Top 10 Bankruptcy Lawyers in Singapore
I.R.B Law LLP
| Company Name: | I.R.B Law LLP |
| Website: | https://irblaw.com.sg/ |
| Email Address: | [email protected] |
| Address: | 119 Jalan Sultan, Singapore 199008 |
| Operating Hours: | Monday to Friday: 9:30am to 6pm |
Lions Chambers LLC
| Company Name: | Lions Chambers LLC |
| Website: | https://lionschambers.com.sg/ |
| Email Address: | [email protected] |
| Address: | 320 Serangoon Rd, #11-13 Centrium Square, Singapore 218108 |
| Operating Hours: | Monday to Friday: 9am to 10pm Saturday and Sunday: 10am to 6pm |
RBN Chambers LLC
| Company Name: | RBN Chambers LLC |
| Website: | https://www.rbn-chambers.com.sg/ |
| Email Address: | [email protected] |
| Address: | 20 Cecil St, #04-02 PLUS, Singapore 049705 |
| Operating Hours: | Monday to Saturday: 9am to 6pm Sunday: Closed |
Tembusu Law LLC
| Company Name: | Tembusu Law LLC |
| Website: | https://www.tembusulaw.com/ |
| Email Address: | [email protected] |
| Address: | 11 Keng Cheow St, #02-05 The Riverside Piazza, Singapore 059608 |
| Operating Hours: | Open 24 hours |
JCP Law
| Company Name: | JCP Law |
| Website: | https://jcplaw.com.sg/ |
| Email Address: | [email protected] |
| Address: | 6 Battery Rd, #11-01A, Singapore 049909 |
| Operating Hours: | Monday to Friday: 9am to 6pm Saturday and Sunday: Closed |
Gloria James – Civetta & Co
| Company Name: | Gloria James – Civetta & Co |
| Website: | https://www.gjclaw.com.sg/ |
| Email Address: | [email protected] |
| Address: | 3 Church Street, #15-04 Samsung Hub, Singapore 049483 |
| Operating Hours: | Monday to Friday: 8:30am to 6pm Saturday and Sunday: Closed |
A.W. Law LLC
| Company Name: | A. W. Law LLC |
| Website: | https://awlaw.com.sg/ |
| Email Address: | [email protected] |
| Address: | 133 New Bridge Rd, #12-07 Chinatown Point, Singapore 059413 |
| Operating Hours: | Monday to Friday: 9am to 10pm Saturday: 9am to 6pm Sunday: Closed |
Emerald Law LLC
| Company Name: | Emerald Law LLC |
| Website: | https://emeraldlaw.com.sg/ |
| Email Address: | [email protected] |
| Address: | 3 Shenton Way, #11-10 Shenton House, Singapore 068805 |
| Operating Hours: | Monday to Friday: 9am to 10pm Saturday and Sunday: Closed |
PKWA Law Practice LLC
| Company Name: | PKWA Law Practice LLC |
| Website: | https://pkwalaw.com/ |
| Email Address: | [email protected] |
| Address: | 480 Lorong 6 Toa Payoh #16-00, HDB Hub, East Wing Tower, Singapore 310480 |
| Operating Hours: | Monday to Friday: 9am to 6pm Saturday and Sunday: Closed |
Harry Elias Partnership LLP
| Company Name: | Harry Elias Partnership LLP |
| Website: | https://www.harryelias.com/ |
| Email Address: | [email protected] |
| Address: | 4 Shenton Wy, #17-01, Singapore 068807 |
| Operating Hours: | Monday to Friday: 9 AM – 6 PM Saturday-Sunday: Closed |
End of List on the Top 10 Best Bankruptcy Lawyers in Singapore
Singapore Brand Assistance
Need help on finding the right bankruptcy lawyer in Singapore? Reach out to us by letting us understand your requirement and Singapore Brand refer you to the right provider in Singapore to discuss your needs further.
