When people come to a place in their lives where they are unable to pay their bills, the services of liquidation lawyers in Singapore can be extremely beneficial. Unlike other places around the world, the laws regarding bankruptcy in Singapore are a bit different. The laws do protect an individual from negative legal repercussions for not being able to repay their debt. However, Singapore bankruptcy laws do not wipe out existing debt like some bankruptcy laws do in other countries. For this reason, it is paramount for a person considering filing for bankruptcy or insolvency consult with a liquidation lawyer.
The important thing to remember is that a person can file for bankruptcy when they can no longer afford to pay their debts as they are currently structured. However, in order for the bankruptcy to be successful, the individual has to prove to the courts that they can no longer afford to pay their bills. In situations like these, it is important to have a liquidation lawyer representing an individual when they’re making their case to the courts.
Another reason why a liquidation lawyer is so important is that the courts will accept a bankruptcy filing. However, there is a process when the individual will have to restructure their finances in order to repay their creditors. This can take a lot of negotiation and often times, creditors will be willing to either reduce the debt, restructure a payment plan or lower interest rates to help make repayment of the debt more affordable. Having an attorney that can handle these negotiations and one that understands the tendency of creditors when it comes to these types of negotiations is essential in working through the bankruptcy process quickly and conveniently.
If you’re in a position where you can no longer afford to pay your debts, it may be time to consider speaking with a liquidation attorney. Not only can they help prepare you for the process of bankruptcy in Singapore, but they can also work on your behalf and represent you to the courts. In this way, they can represent your best interest when negotiating with creditors and setting up a repayment plan.