Photo: Depositphotos/ shisuka (for illustration purposes only)
‘Will we lose our BTO dream?’ — 23 y/o man facing $60K debt and bankruptcy fears he and his fiancée will lose their BTO flat
SINGAPORE: Facing a $60,000 debt from a third-party claim after a car accident and the looming threat of bankruptcy, a 23-year-old man took to social media to ask if he and his fiancée could lose their BTO flat due to financial struggles.
In a detailed post on the r/askSingapore subreddit, the man shared that he and his fiancée, who is set to marry in September 2025, had already received their ballot number and are now waiting to select their unit. However, he’s worried about how their financial situation might impact this important milestone.
“My insurance isn’t covering the claim, and I’m out of cash,” he explained. “I was working with a lawyer, but I can’t afford him anymore, and he told me I’m 99% likely to go bankrupt. Now, I’m representing myself.”
He went on to explain his concerns about the HDB loan process: “I know HDB reassesses income when collecting keys, but if I’m bankrupt by then, can we still secure an HDB loan based solely on my wife’s income? I’ll still be making around $3,000 to $5,000 per month doing food deliveries, so in a sense, I can still contribute, but it doesn’t count towards the loan because I’m bankrupt.”
Looking for guidance, he asked the Reddit community, “Since HDB flats are valuable assets in Singapore and can’t be seized, will I still be able to get the BTO? Will we lose our BTO dream? Any insights or experiences would be really helpful.”
“Hold off the wedding. You are so not ready for that…”
In the comments, many Singaporean Redditors were shocked, not by the accident or the bankruptcy, but by how fast the man’s life was moving.
“Bankruptcy, wedding and BTO at 23. You need to hit the brakes on your life and reassess everything,” one Redditor said.
“Bro is speedrunning life,” another chimed in.
“Sounds like you are living a Cinderella dream and do not have a single clue about real life at all. If being in a car accident can make you go bankrupt, you definitely are not financially prepared to get married + BTO,” a third said.
“Hold off the wedding. You are so not ready for that,” a fourth agreed.
Still, there were a few who offered the man some serious pieces of advice regarding his situation.
One Redditor suggested he turn to his family for help, writing: “You are only 23. Best to borrow the amount owed from your family members to repay the debt.
Being bankrupt hurts you even if you were to be discharged from bankruptcy, not to mention your upcoming marriage. Few marriages survive bankruptcy.”
Another advised: “Communicate this with your partner and slow it all down. Wait until you settle most of the loan, then apply for BTO again. Don’t rush it, man. Be realistic about it cause you won’t be able to handle everything. Life is no fairy tale; just forgo this BTO and marriage and replan again.
Don’t be reckless anymore (not referring to driving), but in handling your life. It’s okay to take the time to settle what is needed first, then plan with a clearer image in mind.”
Undischarged bankrupts need prior consent to buy certain types of flats, says HDB
According to HDB’s website, if one partner is an undischarged bankrupt, they’ll need “prior consent from the Official Assignee or a private trustee” to buy certain types of flats—like those bigger than a 5-room or 3Gen flat, or any flat costing $500,000 or more after HDB subsidies or levy. However, if the bankrupt person is only listed as an occupier and not the main applicant, no consent is needed.
Read also: ‘I have around S$5k to my name’: 32-year-old jobless Singaporean laments being poor in his 30s
Featured image by Depositphotos (for illustration purposes only)
