Anyway to protect myself and the kids from DH's debts...
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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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