Bloomberg.com, 20 Jan 2009, Luzi Ann Javier
Jan. 20 (Bloomberg) -- Singapore, facing its worst economic slump in four decades, changed its law to help people avoid bankruptcy as job losses and loan defaults rise.
The nation’s parliament passed a bill yesterday that will allow people with debt of as much as S$100,000 ($66,600) to work out a repayment plan with their creditors without being declared bankrupt, avoiding what the government calls the “attendant disabilities and social stigma” that come with insolvency.
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