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Bankruptcies in S’pore at 5-year high but many who go bust are getting a fresh start
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Mr Joel Choy (left) declared bankruptcy in 2014 and was discharged from bankruptcy in 2021. His wife, Ms Tan, was his greatest pillar of strength during the time.
ST PHOTO: JASON QUAH
Follow topic:
- Singapore bankruptcy orders are at a five-year high, but 2016 law changes offer clearer discharge timelines and rehabilitation. First-timers can exit in 5-7 years.
- Bankruptcy offers a "fresh start" from debt, says ex-bankrupt Joel Choy, who overcame $700,000 debt with family support.
- Post-discharge, skill upgrades, budget management (50/30/20 rule), and timely payments can repair credit scores.
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SINGAPORE – Bankruptcy orders in Singapore are now at a five-year high, but lawyers say the process also gives individuals a chance to reset their financial lives once they eventually exit it.
Recent data on the Ministry of Law’s (MinLaw) website showed that 1,395 bankruptcy orders were made in the first 10 months of 2025, surpassing the full-year totals recorded each year from 2020 to 2024.
