Bankruptcy filings in Singapore surged by 25% in the first half of 2024, according to the Ministry of Law, with 2,334 people applying and 594 eventually declared bankrupt. The total number of undischarged bankrupts also rose slightly to 9,903 by the end of June. The Law Ministry emphasised the serious consequences of bankruptcy, which include employment restrictions and significant personal stigma. To combat rising bankruptcies, the ministry continues to promote the Debt Repayment Scheme (DRS), aimed at helping eligible borrowers with a total debt under SGD150,000 and stable employment avoid bankruptcy by repaying their debts within a maximum of five years. Despite these measures, some debtors still fail to complete their repayment plans, potentially facing renewed bankruptcy proceedings.