Bankruptcy at 18-year high in 2023
Bankruptcy for individuals is at a 18-year record high for 2023. That would mean nearly breaking the record of 2005, a few years before the 2008 financial crisis. We also had the weakest home sale in 15 years.
An individual is declared bankrupt when he has unpaid debt of $15,000.
reached 3,986 applications in 2023 - the highest since 2005, when 4,078 applications were filed.
However, bankruptcies stemming from failure to service mortgage payments were not common.
So it’s very seldom that you have a case whereby after you sell the mortgage property, there’s still a shortfall and the bank has to bankrupt the owner for the of higher costs of business and a shortfall.
All thanks to the relatively stable property prices in Singapore.
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