SINGAPORE – More people are being declared bankrupt in Singapore, going by the latest official statistics, although their age distribution has largely stayed the same.
Personal bankruptcy cases reached 482 in the first quarter of 2026, up from 378 in the same period in 2025, according to data from the Ministry of Law (MinLaw).
A spokesperson for MinLaw told The Straits Times there are five reasons why most people become bankrupt. These are business failure; overspending on consumer goods and services; unemployment or retrenchment; acting as a guarantor for a business or another individual; and insufficient income to meet daily expenses.
Such information is declared to the authorities when a person applies for bankruptcy in Singapore or is…