18/02/2023
How do you apply for Debt Repayment Scheme?
There isn't a direct way to apply for Debt Repayment Scheme, unfortunately.
Creditors and yourself will have to go through an extremely stressful and lengthy process until the stage where your creditor file a Creditors Petition, a bankruptcy application against you at the Court.
At this stage, if your total unsecured debt is below SGD150k, the court may assign an OA (Official Assignee) to you instead of granting the Bankruptcy Order.
You can also save yourself a lot time, stress and embarrassment, you can initiate a self petition at the court. Once an OA is assigned to you, a letter will be sent to you asking you to submit relevant documents and income & expenses for DRS application and consideration.
Please be mindful that there are criteria you must meet to determine if you are suitable for DRS and the success of your application. Hence, it would be advisable to consult with a Consultant.
Take action now and save yourself time but really is the stress of being in debt, book a FREE consultation with us. Get the right information, then make up your own mind. Do not be forced into the bankruptcy zone by your creditors even though you know you cannot be bankrupt. There are criteria to meet!