Providing aid For Overwhelming debt
With the help of our solutions, you will be able to break the debt cycle with minimum stress and fear.
About Us
Here at Debt Relief LLP, we strive to give a warm, welcoming environment because we understand the fear due to an endless debt-cycle. Our goal is to create a family resemblance of trust and care, ensuring all our clients and staff are in harmony together while also simplifying the process for you.
Our Solutions
Debt Repayment Scheme
Debt Repayment Scheme (DRS) is a pre-bankruptcy scheme offered by the government to assist in the payment for major unsecured debts falling below $150,000. Similar to Debt Management Programme, debtors would be able to return the money in a more manageable manner while avoiding the restrictions and social stigma that bankruptcy would entail however, to the debtor’s capabilities. This would mean that their debt would be reduced appropriately with the creditor’s approval.
Unsecured debts would refer to debts without any claim or security needed such as credit card loans, study loans, etc. Over a fixed period of time, falling between five years and less, debtors will be required to make monthly payments to the creditors that have been discussed and agreed upon.
Bankruptcy
Bankruptcy is an alternative method for debtors who cannot repay debts above $150,000. The debtors can voluntarily file for bankruptcy or their creditors can issue a bankrupt order if they don’t believe the debt can be repaid. Once declared bankrupt, their assets will be sold and put into a bankruptcy estate as well as their debt will be frozen at a certain amount; no longer accumulating. The monthly payments will be reduced, allowing it to be more manageable and creditors wouldn’t be able to sue for the debt.
The debtor will have to meet one of the requirements set before being able to file for bankruptcy.
● Is domiciled in Singapore
● Has property in Singapore
● Has been ordinarily resident in Singapore for at least 1 year
● Has had a place of residence in Singapore for at least 1 year
● Has carried on business in Singapore for at least 1 year