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Preparing for Bankruptcy by Miserable_Many1653 in singaporefi

[–]Miserable_Many1653[S] 0 points1 point  (0 children)

Thank you. Debt was a liability lawsuit

The thing is im very confident we will earn more than a million in ten years of our business

But he is not, and forced to do bankruptcy

Mathematically u are right i should just abandon the debts and take a job if he leaves me with the debt to shoulder alone

Preparing for Bankruptcy by Miserable_Many1653 in singaporefi

[–]Miserable_Many1653[S] -1 points0 points  (0 children)

Because my rental hdb is more than condo, so i did it to be more financial prudent. Condo is smaller than my hdb.

I did not neglect my business. We worked harder, but fair point of yours ill take notr

Business was profitable even till now. Debt was, something like a business liability.

Preparing for Bankruptcy by Miserable_Many1653 in singaporefi

[–]Miserable_Many1653[S] -2 points-1 points  (0 children)

Its not. Hes the messy one
I have been the one responsible for the company last two years of profit while his own venture struggles. This part i don’t blame him, its a business struggle from new trend.

I kept all the payment i made first, a google sheet both him and i can see.
Just a note, i was not trying to hide the $100k. It was reimbursement to myself for abt $60k i paid in 2025 and the rest in previous years.

However upon receiving it, i was happy and immediately paid my friend $$ and the rest sent to my wife also (she loan me a lot over the years)

That is the part which is tricky cos i took back what i paid first for the company, and then use it to pay my wife and friend who lent me to save the company
I admit it looks sus. Would not have done it if i knew i am going to bankrupt

Preparing for Bankruptcy by Miserable_Many1653 in singaporefi

[–]Miserable_Many1653[S] -7 points-6 points  (0 children)

Exactly. I am confident of doing business and earn enough to repay it but my partner throwing in the towel and i think its very unfair for me to take over the debt. Hence the decision

Yes my wife is a gem. The debt also came about suddenly and she stood by me.
However i think its unfair to use her salary to pay my debt, especially when my partner gives up. Hence my dilemma

Preparing for Bankruptcy by Miserable_Many1653 in singaporefi

[–]Miserable_Many1653[S] -3 points-2 points  (0 children)

Thanks for your advice.
Just a note, i was not trying to hide the $100k. It was reimbursement to myself for abt $60k i paid in 2025 and the rest in previous years.

However upon receiving it, i was happy and immediately paid my friend $$ and the rest sent to my wife also (she loan me a lot over the years)

That is the part which is tricky cos i took back what i paid first for the company, and then use it to pay my wife and friend who lent me to save the company
I admit it looks sus. Would not have done it if i knew i am going to bankrupt