Anyway to protect myself and the kids from DH's debts...
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LOLMum,
I think creditors cannot touch HDB also, but still need to verify this part.
The siblings are not contributing to the household in any way, my inlaws are sort of paying for everything under that roof. My hubby did mention to them the risks that we are taking on several occasions but was quickly brushed off by them and yes they want everything to be shared equally among all kids. They are the kind that don’t act unless being forced to face in whatever problems they faced.
I thought of putting all the monies under mine or our kids’ names but still, i’m more worried that in the worse case scenario that my DH pass on, we will all be left with nothing from the insurance payouts plus a huge mountain of debts. How does me and the kids survive with my single income? For this part, i’m still thinking if there’s anyway we can protect ourselves from such situation which seems hopeless in any case. -
:scared: joint borrower yet with no property and car under his name. :rant: i do worry for you should anything happen (touchwood).
any1 else with advice???? -
minami:
Insurance, HDB and CPF safe from creditors.LOLMum,
I think creditors cannot touch HDB also, but still need to verify this part.
http://app2.ipto.gov.sg/IPTOServices/IndividualBankruptcy/InformationforBankrupts/tabid/377/Default.aspx -
minami:
To protect yourself and your family in the event of an unfortunate incident, consider getting group term insurance as it is \"cheaper\". If your husband is a NSmen or SAFRA member, they all offer some group term coverage I think. But it all depends on the amount of debt you are talking about as the insurance coverage might not be enough.LOLMum,
I thought of putting all the monies under mine or our kids' names but still, i'm more worried that in the worse case scenario that my DH pass on, we will all be left with nothing from the insurance payouts plus a huge mountain of debts. How does me and the kids survive with my single income? For this part, i'm still thinking if there's anyway we can protect ourselves from such situation which seems hopeless in any case. -
ohdaddy:
That's great info! Thanks!
Insurance, HDB and CPF safe from creditors.
http://app2.ipto.gov.sg/IPTOServices/IndividualBankruptcy/InformationforBankrupts/tabid/377/Default.aspx -
ohdaddy:
The total amount of debts are more then a million :stupid:[
To protect yourself and your family in the event of an unfortunate incident, consider getting group term insurance as it is \"cheaper\". If your husband is a reservist, AA Singapore or SAFRA member, they all offer some group term coverage I think. But it all depends on the amount of debt you are talking about as the insurance coverage might not be enough. -
minami:
what was your dh thinking of????? :yikes: :faint:
The total amount of debts are more then a million :stupid:
pls dont take any more loans with any of your inlaws...
must ensure that monthly repayment of loan is done by your pils and quickly follow up if there is a delay or nonpayment to avoid it snowballing into an even bigger amount of debt.
at this moment cannot be peisei or weak otherwise you are the one who suffers. -
Given your pils’ age, do they have financial plans to pay it off before they leavel the world especially so when the property is not even in your hubby’s name? Actually at that age, I am quite surprised to learn that they are still million in debts??? Do they have any plans to pay this off? People tend to be more risk averse as they grow older.
Your hubby is their child. I feel that he should have a heart to heart talk with your pils (whoever he is comfortable with) on the exposure. Be open and highlight the concerns. It is a fair statement to make and if they love him, they will think about it. -
They don’t have any plans to pay it off before they leave the world. They thought that we can simply sell the house to repay but that will involve his other children which we can foresee trouble, it’s like we are 以小人之心度君子之腹 when we doubt that they will give up their shares of the house or even let us sell the place when the old folks leave.
As to why at their age, they are still in million debts? My FIL had always been risk adventurous throughout his life. They would have been very cash rich if he didn’t venture into numerous unknown businesses all his life, throwing all the hard earned money down the drain. Obviously he is a lousy businessman. He thought he’s trying to leave a legacy behind for his children but what legacy but debts which they are facing now? His business will not survive once he left, he doesn’t see the point. He do not even has any assets under his small business. DH had been quarrelling with him over his "business ventures" to a point that he’s giving up and let him do whatever he wants. His other children simply bor chap.
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