Anonymous
I am a 50 years old man who has 100k debt from an unsuccessful business. Currently, no money and no bank account as i borrowed 100k from almost all banks 10 years ago. I am not planning to pay because first- I have no saving and the only asset i have is a HDB.
My HDB is joint name and i want to leave for my children, will they make me sell?
Will my debt be written off if I die ? I have 3 children who are in uni and these debts are just under me. Are my children liable to pay?
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Rachelle Lye
06 Nov 2020
Digital Marketing at Fintech
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Jiayee
02 Nov 2020
Salaryman at some company
The reason could be found in this article: https://www.hdb.gov.sg/cs/infoweb/residential/l...
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Hi Anon,
I'm really sorry to hear about your situation.
Disclaimer: The information below is not intended to be and does not constitute financial advice.
Here is some infomation I found online in response to your questions, in the event you are able to or do declare bankruptcy:
Property held by you as a trustee for someone else;
Your HDB flat (if at least one flat owner is a Singapore citizen);
Monies in your CPF account;
Life insurance policies held in express trust for your spouse or children;
Any items/equipment required for the personal use in your employment, business or vocation;
Equipment/furniture required for your family’s needs;
The remainder of your monthly income after deduction of the monthly contribution; and
Any annual bonus or annual wage supplement paid as part of your income
You took out a home mortgage in both you and your spouse’s names
You took out a hire-purchase loan for a car in both you and your sibling’s names
You borrowed money using a supplementary credit card that is tied to your parent’s name
Family members who are guarantors for your loan can also be made bankrupt if they are unable to repay it.
If you and your spouse live in an HDB flat, you should inform HDB about your financial situation so that HDB will not take legal action against you for any outstanding payments to them. HDB can also help draw up a temporary payment plan with reduced instalments to ease your current financial burden.
Subject to the funeral, testamentary and administration expenses having priority
The OA will continue managing the bankruptcy estate to pay off your debts to the creditors. In other words, your death does not mean that your debt will be automatically discharged.
Source: Singapore Legal Advice
However, I do think it would be good for you to seek a financial advisor (perhaps a trusted friend in the field?) for your situation as it affects not just you, but your children as well.