Recover from Bankruptcy: Rehabilitation Programme

You can certainly move on in life, even if you have experienced a major financial setback such as facing bankruptcy or being made a bankrupt.

Singapore’s personal insolvency legislation (referred to as Insolvency, Restructuring and Dissolution Act 2018 or “IRDA”) provides an opportunity for bankrupted individuals to recover financially from being in debt, provided certain obligations have been fulfilled.

The Bankruptcy Rehabilitation Programme (BRP) was developed to support bankrupted individuals and their families as they journey to a fresh (financial) start.

Here in this web portal, you will find useful information and resources:

1.   Information you must know regarding your bankruptcy administration.

2.   Budget counselling, money management workshops, referral to counselling services and other informative talks and events.

To find out more, attend a BRP Information Sharing Session conducted twice a month over Zoom.

During the 1-hour session, we will share with you

1.   The requirements for getting a discharge from bankruptcy with record removed.
2.   Three things to do in order to recover from a set-back.
3.   The services and benefits provided under Credit Counselling Singapore (CCS) Bankruptcy Rehabilitation Programme.

At the end of the webinar, we will invite you to register your interest to enrol into the Bankruptcy Rehabilitation Programme.

A.   If you recently had a Bankruptcy Order made against you or received a Bankruptcy First Notice.

1.   The Bankruptcy First Notice serves to inform you of your Duties and Responsibility of a Bankrupt.

2.   It is important that you fully understand what you need to do during the period of your bankruptcy administration as failure to comply with these restrictions is an offence under IRDA.

B.   If you have been notified of your Monthly Contribution and Target Contribution, or you are currently expected to make Monthly Contribution payments to your Bankrupts’ Estate.

1.   Making the required monthly contributions to your bankruptcy estate is an important factor towards getting a discharge from bankruptcy in Singapore.

2.   These contributions will be accumulated in your Bankruptcy Estate Account and go towards fulfilling your Target Contribution and subsequent distribution to creditors.

3.   Setting a goal, drawing up a budget and remaining gainfully employed are practical things you can do during your bankruptcy recovery journey and getting a discharge with the record removed. 

4.   Attending a Budget Counselling Session and Money Management Workshop can help you do just that.

C.   If you have recently fulfilled your Target Contribution payments.

1.   As there is no automatic discharge from bankruptcy under IRDA, your Bankruptcy Administrator will conduct a discharge review, which may take up to eight months to complete.

2.   If you have paid your Target Contribution fully and met the relevant tenure in bankruptcy, your record of bankruptcy will be removed from the Bankruptcy Register five years after the discharge date.

3.   Setting new goals and understanding how to rebuild credit may be the focus of your life after bankruptcy. Consider attending a Rebuilding Credit Workshop, where you can find out how you can stay financially resilient.

Should you have questions pertaining to your bankruptcy, you are advised to contact your Bankruptcy Administrator or Insolvency Office, Ministry of Law (click here to proceed).

For information or questions pertaining to CCS Bankruptcy Rehabilitation Programme, you may contact Credit Counselling Singapore:

Phone: 6929 6917 or 6929 6947
Email: education@ccs.org.sg