http://www.imoney.my/articles/bankruptcy

Many many nice cars in malaysia. And many more nice cars to come.

Avoiding the bankruptcy trap
Posted at November 29, 2013 in Your Money
Article courtesy of iMoney.my

Each day, 60 people aged between 35 and 44 years are declared bankrupt in Malaysia, making up 34% of the total number of bankrupts, said Nancy Shukri, Minister in the Prime Minister’s Department to The Star.

“From 2007 until September this year, 116,488 people were declared bankrupt,” she said after handing out bankruptcy clearance certificates to 30 individuals at a recent event. When a person is backed into a corner because of insurmountable debts, he may need to choose a bankruptcy plan. Sometimes with unconquerable debts, bankruptcy may be the only solution. Most people think that it is the end of the world when one is declared bankrupt, regardless if the application is made by the creditor or by the person himself. So how to avoid bankruptcy trap and what are the restrictions imposed on your life after it’s declared?

Bankruptcy can put a restriction on a lot of financial related activities, such as getting a loan, using your credit card or savings account and even going overseas for a holiday, but bankruptcy can be avoided if properly mitigated before the debts get out of hand.

Nancy said bankruptcy was not the end of the road for defaulters as it could be protection instead, when they could not pay up their debts due to various factors. In countries like Australia, the United Kingdom and United States, people use bankruptcy as protection by filing bankruptcy application and by restructuring their debts.

However, declaring bankruptcy does not mean a person is exempted from paying all his debts. It is still something we should avoid, if possible. Individuals with very high levels of debt are advised to manage their debts properly, as they are prone to bankruptcy.

For those burdened with debts and having difficulty to pay up, the government through Bank Negara Malaysia had set up the Credit Counselling and Debt Management Agency (AKPK) to assist them with debt management. Individuals who are unable to manage their debts on their own and satisfy the basic qualifying criteria can be enrolled into AKPK’s Debt Management Programme (DMP). Based on AKPK database, there are currently 235,991 Malaysians attending its counselling services on financial and debt management and 96,238 of them are enrolled to the Debt Management Programme (DMP).

“Through the programme, a total of 4,196 individuals had successfully exited the programme,” said Desmond Chong, Trainer and Head of Program Coordinating Unit at AKPK. “We conduct more 1,000 seminars a year and we have also published various articles to advocate good money management skill. There is also a radio programme, supported by Bank Negara Malaysia, with Star Radio Group (Suria FM and 988 FM) to educate public on good financial management,” Chong added. With the various help from AKPK through the mass media, Malaysians now can easily seek for advice and help when needed. When faced with an overwhelming amount in debt, it makes a huge difference to have the help of a professional to negotiate new payment terms with the bank and also to manage your personal finances to overcome the financial crisis.

In order to curb bankruptcy among Malaysians, education is important to elevate the public to be financially savvy. For individuals who are deep in debt, they can be supported by providing them an avenue where they can turn to for advice and counselling on personal financial-related matters, such as AKPK.

http://www.akpk.org.my/learning/articles-a...bankruptcy-trap

lulz car loans

Most are car loans.

Some of them get like Harrier... then default when cant pay with about half of the loan remaining....

what to do, government put so much taxes on cars forcing people to loan from bank.

Kereta memang mahal dekat Malaysia tapi nampak macam affordable sebab 9 years loan bayar bulan2.

bersyukur la with so many diff tax negara masih aman

syukur BN ada
hang tuah jd pahlawan sbb BN ada

if not because of those stupid AP and PROTON, we might save the 25%


fuk BN

that's why I pay for kelisa.

I beg to differ. Cheap cars oso people lazy to repay. Like Viva, Saga etc.

Next year the bankruptcy statistic will be way higher, apa pun naik !

but under 30k cannot sue for bankrupt

Car loans?? Wtf man...

well, actually they deserve it because lazy to pay, but it is not fair considering they're paying mostly the taxes not the product

Car loan, personal loan. I have a friend got both, Keep ask me to lend him some money one

Thanks to bankrupt people, now i can get good cars at a fraction of the actual price!

beribu ribu tania

This post has been edited by ShinG3e: Dec 13 2013, 04:17 PM

car loans 25%

lazy = dowan.

I dont think more tax = unfair thus dont have to pay, you sign the bank agreement you must be able to pay, if cant pay no make loan la

car loans, tu lah all mau berlagak kaya padahal poket kosong

there will be a difference:

instead of bankrupting on a myvi car loan

they will bankrupt on a vios car loan

but bankrupt nonetheless

I always thought bankruptcy by huge business loan or big business failure.
(hawker stall close shop wont cause you bankrupt)

WTF CAR LOAN.

its a necessity nowadays anyway ,

some people cant get a job without a car out there

I think that's it la. I will stick with my Saga BLM car and if got money to settle, i will do asap

didn't see people suffering also, only complaining

dem...makes me think of dumping my car for a cheapo proton...but then...tin milo safety standards

This post has been edited by azbro: Dec 13 2013, 04:25 PM

ANCAP 5 star yo

I admit im one of them. But i dont have to buy an expensive car for that. The most is only 15% of my salary to pay monthly

This post has been edited by maxizanc: Dec 13 2013, 04:28 PM

I got a customer unker closed his factory & he said lost RM7+ million invested... no bankrupt, life just go on.

Car loan RM30k wanna bankrupt?

What to do, car prices are so expensive here. Not to mention our weak exchange rate.

but a lot of ppl will be save from bankruptcy court since their loan value will be bellow 30k if car not heavily taxed

Terima kasih TS. Now dowan to buy a car anymore. Accident motor patah tulang pun biaqla!

If he lose his own many tak kisah. But if a fraction of that 7 million (as much as 30k) is owned by others, they could file him to be bankrupted.

look at bigger picture,

its maybe not expensive, maybe just a RM70k truck, but they failed to pay due to bad business,

which the truck suppose to cost only RM50k without tax , AP etc,

Dunno why my phone so lagggg

LEL

25% cause of bankruptcy is from car loan

k tard earn 20k oso drive potong only

Haiya, orang malaysia gaji tinggi. all Rm20k. 1 and half months can settle bankrutpcy.

Car loans. Lol reminds me of the guy created a thread earlier that he has a Vios, RM2.5k and feeling difficult to cope with higher cost of living

thats why even a Proton Saga can bankrupt u.

Thank u BN.

nice info. should post this on najib's fb page

nice

myvi is the number 1 selling car in malaysia. without tax (price in labuan) it is still above 30k.

nice info ^^ thanks

and the loan value will be 30k for a long time?

macai ada kesah????

not very much diff actually

Myvi cost 41k with tax
cost 37k without tax (labuan)

loan most bankcrupt coz of car loan??

and they laugh at me for buying cash a secondhand car??

Doesn't matter what loan, in Msia law if you owed borrower RM30K above they can make you bankrupt.

1 ringgit diffference will make u liable to be sue, 30000 - 300001

i am sure many people who over the threshold by RM1 get a free pass.

This post has been edited by coolsarawak: Dec 13 2013, 05:08 PM

actually myvi not 41k lah, it is 44k vs 37k.

if you buy in labuan taken loan 34 k, after a year the loan value will drop below that threshold very soon.

Fuuu

After gangstar, song lap,
next msia movie: bank rap

nice sharing.

ONLY 47% do full payment every month. This show that our economy is only supported by credit cards. A lots of people spend more then they actual afford.

25% because of car bankrupt... because majority are brainwashed local car are not for human

This post has been edited by danabu: Dec 13 2013, 05:17 PM

pretty sure it was 41k. went with my friend to the showrooom huhu

A lambo, an accord, and a jetta cought on fire = still human use wan

sendiri salah mahu salahkan orang lain

how can u purchase a car with 9years loan? funny la...

A lot of them taking 9yr maximum loan to pay government tax to have a chic magnet...

tak tau lepas chic magnet kenal tarik, chic ade lagi tak...

but government oredi

i have a friend told me his plan

loan 9 years, have an investment aka those fixed deposit kinda stuff.
use the interest to help pay the car a bit.

but i still think it's bad idea. Still prefer second hand car not more than 40k

the car i wan cost 70k

9 year car loan just seem so ridiculous to me. thats using 1 decade just to buy a car

well some work gomen drive nice car but with 15yrs loan ...lol ...

I wonder other countries that easy to bankrupt or not...

WTF man car loan so GG meh

wan easy bankrupt make the debt 10k la ...i bet 50% will bankrupt ..

call the bank officer for the dates of auction and get the list.

for more info, kindly visit <insert bank>

Hahaha

Semua assets transfer to family members name

Owe ppl a few millions...declare bankrupt...no assets...tadaaaaa

Got nice cars..big houses.... mistresses...but baankrupt status...

yes. 70k car cost like 90k if 9 years.
why not drive cheaper car and save that money for something else

open business or more investment

no difference. i'm bankrupt everyday, every month. truestory

this is a good infographic.

as for car loans - the issue is that people buy cars that are above their means. its not just about people cant buy cars, its them buying beemers when they can only afford a myvi

ermm no use cause alot brokers waiting in auctions one...cant really get a good deal if dunno insiders...

yea mang.

so called brokers = burung gagak scavengers loitering around the auction hall.



insider can la. illegal way. ask him "chop" first before proceeding with the list.

Haha, show off your VW lah, bankrupts.

and why is this in /k??

To impress ppl who dun care about u, n get into problem

Bankrap tak apa, gaya mesti ada.
Tak apa jika bankrap negara, janji Melayu masih berkuasa.

rubbish!!!!!!!!

1Malaysia is becoming a high income country soon!!!!!!

This one normal case

S class 7series guys alot...go out wear coat wear lolex also

Last time really RM10K lah, dont know which idiot increase to 30K.

29K still a lot of money leh, if ur debtor dont wanna pay u, u cant mess their life also.

i dunno.

Sheeetttt... i'm in dangerous group. Feeling the effects now.

lel @ income tax debt

who ask gomen protect shitty proton. end up create perception the need of foreign cars thus higher debt ->higher bankruptcy lol