JIM is a must, also for the personal loan 1, i think you can also go to the bank to strike a repayment? They should be able to help.

I think maybe some local political parties can help? since your case is that bit ... @_@
I will try ask my friend in insolvency field to have a look on this forum tomorrow. But the things that happen to you does seem "proper"as in no hanky panky, is a normal bankruptcy process and insolvency.

As I had suspected, your business was not registered as a Sdn. Bhd., or else you would have avoided personal liability and the eventual bankruptcy.

From your description, it looks like your business was registered as an ordinary partnership, with you and your brother named as partners (not directors). This meant that both you and your brother had no limited liability protection.

Maybe this is a bit of a late advice for you, your parents should have just registered a sole proprietorship with either you or your brother as the sole owner, instead of a partnership, which requires a minimum of 2 partners, so that only one person could have ended up in financial ruins.

Of course, the best way was to register a Sdn. Bhd. or a PLT, which could have prevented the whole disaster in the first place.

Anyway, legally, your brother cannot own a business and also cannot work for any spouse, children and relative. So, you better know what to do about the burger stall.

Yes, what your brother is doing should be considered illegal because he is a bankrupt. I suppose your father was probably also in the same position back then by working for a company owned by both of you because he was a bankrupt. If someone makes a complain to the Insolvency Dept or if the dept found out about it, somebody could be charged.

You better figure out what to do.

Sometimes I wonder why so many people get into deeper and deeper problems when the initial problem was a small one. I suppose many simply chose to ignore the problem and refused to deal with it. What are they hoping for that would happen? That a debt is magically forgiven?

Instead of meeting with bank officers to renegotiate the loan or to visit AKPK, these people would just simply chuck away every letter from the bank that they have received.

ok here is my story..

i graduated on 2001, so after that, i help my parents refinance house, so my name become the main loaner while my mom as 2nd name.

in 2004, they stop servicing the loan, that time, the bank is southern bank. then southern bank bought by bbmb (bumiputra commerce), then to cimb.

so during this time, i dont know about this, even at 2009, i still can get housing loan on my own and 2010 a credit card on my own.

then i think end 2010, i try to get personal loan, so during this time, suddenly bank reject the application. than only i know about this unpaid loan on the property.

so i go to bank negara and print my ccris, and contact the bank and meet the offcer. i try to nego for them to allow me take charge to pay back on monthy installment, but bak said, cannot as this debt is too old already. so they ask me to pay lump sump of rm90k

the house bought only rm40k, but now need to pay rm90k. then the bank advised me to get someone to buy the house with a new loan, but no one able to do that. so i tell my parents and they promise to settle this.

so the issue left untouched until 2011, suddenly i see my bank account balanced become 0.

so i contact the bank and bank said, bank negara instruction to freezed my account and all my money paid to jim. they said i am bankrupt now.

so i went to jim. then they interview me, and etc, fill up declaration form how much to pay to them on monthly basis, income, expenses, loan i have, company i have etc.

they also telling me that the house loan that cause me bankrupt is now bank claimed at RM150k (with all interest etc).

during this time, jim said will not touch my own house (loan i start on 2009), as its only house i got, however, its up to the bank to decide if they still allow me to serve the loan or they will take it back as i already bankrupt.

however my credit card or car loan and all, they will stop as i cant have it due to bankrupt rules. so they will settle the credit card for me using the monthly payment i paid to jim.

they will also communicate with all the bank i have loan or account with to inform them to collect any payment due to jim.

so i stop my credit card, car loan, however my house loan i still serve.

then on 2012, suddenly after i served my home loan for a year after bankrupt, then bank dont want to accept my payment anymore, they said their legal dept said this is not right.

they plan to take my house as well, so this has cause me big problem now. on which i decide that the only way to stop all this is by settle the issue fast. i have 3 months before bank start to serve me final notice about unpaid loan.

to be continue ...