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> Pls Help, My partner owe credit card

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TSgoohtj
post Jul 22 2008, 07:59 PM, updated 14y ago

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Dear Sifu,


This post has been edited by goohtj: Dec 13 2010, 02:39 AM
BlaBlaBoy
post Jul 22 2008, 08:01 PM

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Just take it, what else you can do?
ah_heng
post Jul 22 2008, 08:02 PM

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yup.. take the shop first... then only talk. Always put things in your hand then only discuss...
TSgoohtj
post Jul 22 2008, 08:05 PM

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thks, i did that

what is the next step?
tinkerbel
post Jul 22 2008, 08:09 PM

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@goohtj,
Has the shop been transferred to ur name, legally?
TSgoohtj
post Jul 22 2008, 08:14 PM

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QUOTE(tinkerbel @ Jul 22 2008, 08:09 PM)
@goohtj,
Has the shop been transferred to ur name, legally?
*
not yet
ah_heng
post Jul 22 2008, 08:23 PM

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then transfer the shop to ur name first. If not later the CC company wanna "sita" that shop as collateral then mah fan..
TSgoohtj
post Jul 22 2008, 08:27 PM

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QUOTE(ah_heng @ Jul 22 2008, 08:23 PM)
then transfer the shop to ur name first. If not later the CC company wanna "sita" that shop as collateral then mah fan..
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i am really noob in this area. do i need a lawyer or goto land office?

tinkerbel
post Jul 22 2008, 08:29 PM

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@goohtj,
U need a lawyer to get the transfer done!
TSgoohtj
post Jul 22 2008, 08:47 PM

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QUOTE(tinkerbel @ Jul 22 2008, 08:29 PM)
@goohtj,
U need a lawyer to get the transfer done!
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any recommended lawyer, what is the total fee like?
tinkerbel
post Jul 22 2008, 08:49 PM

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@goohtj,
I think lawyers fees are based on price of house - ain't too sure. Can't help U on that one, sorry.
TSgoohtj
post Jul 22 2008, 08:59 PM

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about the sita thing, normally how long he is being sue bankrupt ?
i heard it need 5 years period before it is safe..

or if i were to sell it to public or my brother, will it be safer?
tinkerbel
post Jul 23 2008, 10:53 AM

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@goohtj,
As long as the house is NOT under his name U do not have anything to worry about - once he's declared bankrupt, all assets under his name will be 'confiscated'
johnsonm
post Jul 23 2008, 12:02 PM

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goo - you are not in any trouble. the house can be in your name. only thing is to get it transferred fast.

question - how much does he owe the bank for his credit card? i believe they can only sue for bankruptcy if the amount is more than 30k. once he is made a bankrupt, he can no longer legally sell any property.

if the amount is for less than 30k, the bank will take judgement against him, and then if he doesnt pay, lelong his property to settle.

do find out what is the status of the bank's legal action, and the amount they are claiming.

also, you say that you are now owing any money to banks on the shop. this will make the transfer move faster. but if it is leasehold, consent will be needed.

is the shop leasehold or freehold, and which state is it in? also is the individual title out?
mIssfROGY
post Jul 23 2008, 11:40 PM

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if not mistaken, if he is declared bankrupt, any transfers backdates 6 mths back also will kena issit?
firesphere
post Jul 24 2008, 10:11 AM

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Convert his CC debt into term loan, can't go bankrupt if his debt is <30k. Convert now better than wait til the bank take action.

If bank take action they'll start to consficate his asset to pay back his debt or put his name under special attention account and he's still forced to pay his debt in the form of term loan. He won't be able to get any loan from bank in future until he settles this. (Listed in CCRIS as SA, bankers avoid ppl like this).

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