I have came across some bad cases that happened to fellow Singaporean in your website and I thought of sharing my story with your readers.
I am currently 37 and I have a 4-year-old kid and a little one at eight months old.
Something bad happened on June 2012.
I was indirectly involved in a very bad office political situation with a Australia FT in a senior sales management position.
Subsequently, I lost the ground and my job too.
My last drawn was more than $100k annually as a IT technical professional in a MNC.
Nevertheless, politics is unavoidable when you are at a senior position.
I am currently looking for a job and also in a position what many people termed ”over-qualified”.
As my wife salary is not more than $3k, I hit a crisis mode and are now being sued for bankruptcy because I couldn’t service some of the existing loans.
Things turn south when I lost my job plus my new-born kid is just born - all the medical bills and child care expenses are a burden now.
I am basically stressed everyday but need to focus mentally as all the interviews I am shortlisted for are very technical in nature whereby you need to have a clear head.
I am really on the verge of breaking down trying to juggle my financial stress and staying focused and clear headed preparing for those tough technical interviews.
Are there any advice from you on how to clear all these obstacles?
I am thinking of pleading with the judge or registrar to give me some more time before declaring me bankrupt over a loan of less than $40k in which I have not much issue if I have a job and going into Debt Repayment Scheme.
I am quite confident of securing a job if I am given another 2-3 months. Any advice on this?
You can post this mail if you think it might help someone without my name on it.
Hope to hear your advice soon. Thanks
Thanks for your mail and sorry to hear about your predicament.
Its true that when the rain comes sometimes it can turn into a torrent.
I remember staying jobless for 18 months in 2001/02, nearly became bankrupt due to the same reason as you and was suicidal.
I managed to speak with the bank officer and negotiated for a interest payment only for the home mortgage.
It still amounted to about $1900 a month just for interest repayment.
Its good to negotiate with the bank officer and more often than not they want to help us rather than sue for bankruptcy.
It does the banks no good if we are bankrupt as the loan amount then is lost.
They may even be willing to settle for a lower amount in a lump sum repayment format.
I hope that you will plan carefully and negotiate your way well as the journey ahead could be rough.
Take time to communicate with your wife however difficult it is.
Its also a time whereby both of your commitment to one another is tested.
Some wives will leave their husbands if they are involve in financial difficulties as they fear being implicated due to the matrimonial union.
Hopefully, your wife is one who will stand by her man…
An important lesson I learnt out of that awful period is that everything is temporal and material things are not everlasting.
If I can rewind the clock back, I would focus less on accumulating wealth and more on fostering relationship with the family.
We both work very hard for the family but in the end ironically everything is gone now.
I am in fact happier now without a property, a fat bank account, car and good income.
I learn to live simply within my means and have no frills of the modern lifestyle.
I am attaching my ebook How to survive unemployment for your reading pleasure.
I will also post your mail on my blog leaving out your name to encourage others caught in similar plight.
Take care and stay positive.
We are here for you.
Editor’s Note: We have lost contact with the writer. Please respond to our emails if you are the person who has written in to us so that we can assist you to walk through this difficult journey. Its not good to be alone now.