I'm 25 years old and I'm bankrupt.

No, it isn’t because I owe the bank with credit cards debt or personal loan.

Here’s a backstory. I was 21 when my parents decided to put my name as one of the directors for their companies. They also took some personal loan from a bank to push business (invest in projects, events etc). By 23, I had a company under my name, loans under the company’s name and personal loan under my name.

By 24, the business went down extremely bad. No more clients. The worst downturn was when the company was legally sued by one of their clients. Without a black and white evidence from our side (my parents were naive when it comes to this, they never expected this kind of unfortunate event would ever happen to their business) we lost the case. With business going extremely bad, we barely had any money to pay for a better lawyer.
Take note that when all of this happened, I was just a student who is trying her best to finish her degree with honour. I wasn't directly involved in any of my parents’ business matter nor do I get to enjoy the benefit of being one for the director.

The legal damage was so huge, there’s no way that our family could pay. I just graduated from my college degree and started my career with only RM2500 pay per month. The legal damage was about RM60k. This doesn’t include the personal loan that was under my name that was left unpaid. Business wasn’t getting any better; my brother had to drop out of college, and started his own burger stall for a living.

My family had to move to my parent's kampung since living in the city is just too expensive, living me behind as I chose to stay and continue working at my current company. I barely have any savings now; I couldn’t even afford to get any insurance. I was living from paycheque to paycheque when I found out a few months ago my bank accounts went frozen due to direct order from the insolvency. That’s when I found out I am officially bankrupt.

I’m 25, never had any credit card or student loan. Personal loan was made by parents (with my consent of course, but I was too naive to figure what were the risks), and a business legal matter that I wasn’t even a part of (except for the fact that my name was listed as one of the directors).

I’ve talked to my parents about this but they asked me to give them some time to handle it even it is clear that we are basically living in poverty and survive from what they could get from the burger stall business (their business just went down the drain and new project is almost non-existence). Part of me wanted to go to insolvency and discuss what could be done, how do I get out of this. But part of me knew I could barely pay back with the amount I earn monthly and all my other financial commitments (car loan, house rent, groceries, gas, bills)

I just don’t know what to do, all I want is to clear my name but it wasn’t even my “fault” in the first place that made me fall into this situation.

With so much humility, I ask for some financial guidance and advice on how do I get out of this.
My dream was to really continue my master degree abroad (as the course I'm planning to take isn't in the country) but with my current situation, it looks like its close to impossible.

Thank you for any advise and I'm sorry for the long post.

have you consult with AKPK?

I feel sorry for you...really. However, I would like to know how did you manage to get a car loan when you were already officially bankrupt?

With your bank account frozen, how is your salary payment affected?

Normally under these circumstances you can request your employer to issue an open cheque to you where you can cash your salary over the counter.

You can also go to the insolvency department and meet the OA and ask them for advise.

There is a provision where you can request for your bankrupt status to be reviewed after 7 years but there are certain conditions to be met first. the OA can tell you more.

All the best to you.

+1

The car loan was under the bankrupt company's (before it went bankrupt). And I still continue paying it, as there's no notice from the bank that I couldn't continue with the hire purchase.

well, wish u all the best to settle up the debt...

I've talked to the CFO and HR of the company I'm currently working with, and they've agreed to give me cash cheque for my monthly salary until I could resolve on this matter..

I was planning to visit JIM and to find a way to handle this, but I would like to think I'm still young and just to scared to face it alone.

And thats why I am asking for some guidance here at LYN..

Thank you for your reply. I'll ask the OA about the re-view of bankrupt status.

ur total debt? RM60K it is not actually a big sum for those who do business for project/event.
how come no saving/cash at all if you/parent are doing big business
they way you described, it sound like the business went down in few months after setting up.

if you are not trolling, best is to get financial aid from relatives if they are doing good.

I have not. I'm confused as to which should I get more consultation from, or should I go straight to JIM.

Thank you. I'm aware of me being banned from going out to oversea. Hence thats why I'm asking for guidance if there's any way I could resolve this sooner so that I could go abroad for my study.

The law states that you need to give up your assets and you cannot go abroad.
Your car may not be your asset yet.
Looking at your predicament, I suggest you have only ONE WAY - that is AKPK.
Pay off the damn 60K ASAP and go back to court to declare yourself not bankrupt.

Once you are out of this hell....you will realise how strong you really are.
God put you through this because you are actually a very strong person.
Go ahead work, survive and live in the glory of overcoming an enormous failure.

once you declared bankrupt there is no turn back.

It could be more, I'm not entirely sure whats the amount like (plus all the legal fees and whatnot). The company was into Wedding Planner & Consultation. It's just a small business, but was doing well until the legal sue came in.
Yes, we dont have any savings to be honest, my parents weren't a great financial planner (Dad is also a bankrup, Mum's credit score is terribly bad), that's why we ended up to where we are now.

Relatives are doing good, but none of them could actually help me through clearing the debt that has cause the bankruptcy.

This post has been edited by NeedGuidance: Aug 7 2014, 12:52 PM

Lesson to all : Do not put your name if you are managing it! And do not be guarantor for some relative's son taking up study loans and what-not.

Want to giv u some hot tips to earn some money also cannot now.

cuz ur name blacklisted.. cant have trading acc

TS, i believe your angel aka saver is here, the tips is good.

I'm a still a little confuse of which should I go first, JIM or AKPK.

"Go ahead work, survive and live in the glory of overcoming an enormous failure."
Thank you so much for this. Really is something I needed to hear.

Any expenses you can cut down on? do you need to rent a whole house? do you really need a car?


This post has been edited by wodenus: Aug 7 2014, 02:55 PM

Renting a room now to be precise. Yes I really do need my car, to commute to work, unfortunately..

Don't mind me asking, trying to help ask some info for you from my insolvency friend.
1. How much is the personal loan amount that is unpaid?
2. The company was Sdn Bhd?
3. Are you only the director and shareholder also?
4. Do you borrow any money from the company itself?

AKPK option is only viable if you haven't been declared as bankrupt. If you have been declared bankrupt, then JIM is the only place that you can go.

you can either craw yourself out of the hell hole your parent dug you into

OR

Find someone to get married ! the hell with principle and stuff like that.

i was tempting to say that.

Anyway, i think TS should get more info from the insolvency for the company on how to pay back.
Then also the bank's personal loan side.

Can let them give guideline on how to pay back, at least also need to make sure things doesn't roll bigger with interest and so on.

This post has been edited by -ZeN-: Aug 7 2014, 04:09 PM

If your debt is more than Rm30k, the amount is enough for the other party to sue you for bankruptcy. While I do pity you for it is your family who dragged you into this, I can say that there is no other way you can escape this predicament. What you can do right now is to ask your company to pay the salary either by cash or to some other people's account and you wont be able to solicit any loans or credit cards under your name. Your banks accounts will be frozen too and you will get constant harrassment from your debtors to recover their money.

AKPK is only for cases for credit cards, personal loans or car loans which are from financial institutions. TS is being sued by a debtor regarding previous business dealings. Totally different issue here.

Btw, for those thinking to going to AKPK, please be aware that most banks will internally blacklist you when they check your CCRIS/CTOS and there is an AKPK note there.

Find out how much you owed? If it is not too much just pay in installment until finish. But meanwhile you will have to say goodbye to your car. Only bus for you I am afraid.

U can't go akpk once declare bankrupt. Ur options now consult jim.
If u can give us more insights and ur financial standings and commitments perhaps the sifus here can advice on what to cut down monthly


Quite a predicament u have now at such young age, live thru it and come out stronger & wiser

This post has been edited by sicklad77: Aug 7 2014, 04:18 PM

when you bankrupt; this will happen.

1) total assets under your name cant be more than rm5k, if got, it will be taken away by the bank soon. example the car, house etc.
2) once you bankrupt, you cant nego with the bank, as bank cannot accept any payment directly from you.
3) u need to see the jim, meet the officer in charge, report your income and expenses, and prepare to pay monthly payment as small as rm50 to them on monthly basis.
4) whatever bank account u have, will be freeze, they will give u 1 letter for u to open the bank account, on which this bank account can be use for salary payment etc, but insolvency will instruct the bank to deduct the money to pay to them on monthly basis.

so, its either;

1) solve it using full payment to jim, and jim will get a court order to release u if the banks all agree with the payment.
2) solve it by monthly payment paid until certain stage, and try to appeal for release, then banks still need to agree on this.

if the debts is under 2 name, try to clear the account using the other name, by paying direct to the bank on the nego amount as full settlement, then u get court order to release u. make sure the bank stated in the full settlement letter that your name will also be clear from this account.

i am bankruptcy before, same as u, due to my parents, but i got released after make full settlement with the bank under my other join name in the account, then get jim to get court order for release.

now 2 years free from my bankcruptcy status and started to live carefully when it comes to money and loan ...

Btw TS, the only way right now for you now would be to meet your debtors and the financial institution your personal loan is from and negotiate how to settle this. You could offer them to settle your debts by paying them back in monthly installments. If they are reluctant, tell them that you wont be able to pay them either. By suing you also they are incurring extra costs. So ask them to weigh the pros and cons and work out an amicable solution.

If you are already bankcrupt, it may come to a point that all your assets are seized and sold off. If that happens, try to get a relative to get your a car (under his name), while you promise to pay in installment. But the amount you can afford might be small as you also need to pay back the other debts.

long story short, you are in deep shit and u need to slowly crawl out of it

clearly you know who's at fault, but they are parents, so we can't do much

if you are declared bankrupt, your accounts will be frozen. how on earth did u receive your pay checks?

you need help from AKPK so they will step in and stop the banks from harassing you by charging you enormous inteest for the amount "you" defaulted

on the interest defaulted, there will be no new interest, only until to the bankcruptcy noticed.

jim will nego with the bank only with the bank that does not claimed the amount from you through bankruptcy noticed. on this, there will be some interest savings.

to the bank that cause u bankcrupt, there will be no reduce, u need to pay jim this full amount asked by that bank in order to get release.

thats why if u have join name, use other name to go for nego, jim no control on this, but if under your name, sorry its not possible,

its either full amount as they claimed, or u pay for certain period, live as bankcruptcy for certain years ... then try to get release via jim if allowed by the bank ...

Where are you renting room right now? And what are your expenses for your car? i.e. petrol, maintenance,time to travel?

Consider moving closer to where you work, that way you won't have to rely on your car to transport you around. Assuming you work in Klang Valley, the public transport would be your best bet.

Since your car is your only tangible value, have a relative or someone you know will help to buy it off if possible (i'm aware it's bought under the company)

Perhaps you can consider one of these two things;

1) speak to your CFO to see if there is any other assignment that can earn you extra income (if not within the organisation, other companies may be able to offer something on the side. CFO's would know where to help you look)

2) Depending on whether your current status is with the employment dept (i.e. bankrupt), try sourcing for a higher paying job


Lastly, talk to AKPK. Any one of the consultants should be able to guide you on where you can go from there.

before anyone think that JIM is a person's name

JIM = Jabatan Insolvensi Malaysia

mr.lonely, you've crawled through that hole. respect bro

when you are bankrupt, jim is the answer .. not akpk or even lawyer .. jim will help u, trust me .. u know what, when i try to get release, outside lawyer charge me 3k, but jim only rm10 .. so dont afraid with jim ... they will help u to go through this as long u follow the rules and inform them accordingly on any changes ...

actually, before they served u the notice, u have the chance to appeal that time, so if the judge agree, u no need to be bankrupt ...

same as my case, i didnt get the notice or summon, all is under my parents knowledge, so they hide it from me .. at the end .. my name get the problem.

tq bro .. its hard but very valuable lesson in life ...

i think TS will get a favorable appeal decision as entirely not her doing, her name was just used, and I'm not here to judge your parents, but ask them go work from bottom again and help to clear it out asap, crash and burn ain't easy to recover over the short term.

be strong ... and good luck in future undertakings

I received notice of bankruptcy 2 months back. Luckily i managed to deal something with AKPK. Once declared bankrupt AKPK cant help u anymore. Go straightaway to JIM. Dont worry, it wont harm you. I met a guy who went bankrupt, he said everything was fine. He can go overseas. JIM will ask u to pay rm3000 per year as deposit if you want to go abroad. after cleared from bankruptcy they will return the money back lump sum.
Dont worry about bank ppl coming asking for money. Bankruptcy is made for the purpose to protect you from debtors. That is why for big businessmen, bankruptcy is done purposely, just to get rid of financial burdens.

This post has been edited by Fadzy Kamaruddin: Aug 7 2014, 05:12 PM

when u see jim, jim will hear the story from your side .. so this is where you can tell them the truth etc ... then they will propose something to make your life not that hard during this stage ...

however, there will be no appeal to take back the judgement .. if u think the bank is wrong, you can try ask jim to fight with the bank in court ... there is this process ...

so meet jim, and get the right guide asap ...

on the parents side, they cant help u out, if yes, sure they will settle this before u got the title ... so do like me, get help from others loan u the cash and payback the debt ... then once your name cleared, pay back to them by getting loan ..

this is better ...

NeedGuidance, your business doesn't sound like a Sdn. Bhd. or a PLT, or else if somebody sued the company, nothing would happen to the directors because of limited liability protection.

Many people made the wrong mistake of setting up their businesses as sole-proprietorships or partnerships instead of Sdn. Bhd. to save money, but if get sued, all ther partners would be exposed without limitation of liability.

Nowadays there is a far cheaper option to the expensive Sdn. Bhd. - the Perkongsian Liabilti Terhad (PLT), which have all the advantages of a Sdn. Bhd. minus all the disadvantages.

If your business was a Sdn. Bhd., the only reason I can think of that you can suffer losses personally is probably you have signed some kind of personal guarantee.

It is 60k, it is still workable, be tough, just crawl out of it. If you save RM500 a month, it will take you 10 years. Try 1k and it will take approximately 5 years.
Just postpone your dream of studying abroad for 5 years... you can still travel by the age of 30.
Have seen young adult like you go through hell, eating only bread on weekday, and get proper meal only on weekend in order just to save money for their goals. I am sure if you have the will, you can make it too. Be tough, be strong

this is correct, however, jim will question u this, if u can only make payment of rm50 a month to them when u bankrupt, how come u can pay 3000 to jim for overseas trip clearance ... and they will not allowed if its for holiday ... only for business case they allowed, and u need to have the letter from the company you work for also for this clearance ..


thanks.

happened so often.... that's why u see so many ppl unable to success with such caliber.
Your current income. Make it cold cash n keep it safe under your other family name or cold cash under the bed.
Cut down your expenses to the max.
Don't bother paying the amount owed unless you have suffice amount to negotiate & fully settle it.
Like one of the guy said. Get married is your quick buck

but truth is without that, your only gateway is to earn more & settle it.
no shortcuts.
challenging part is , you will need someone you really can trust to ensure your future bucks are being safely securely saved.
even if you are enthusiast now to do mlm, part time, insurance, investment all at the same time. most of the time it can only be done n paid directly to you not by cash.

Suggest you find someone you can trust. Use his/her name & start earning your way out. At the same time if it's a he, he might just say i will save you.

some ppl, like me, have to go overseas to earn my gaji. that is why i tried my best to avoid bankruptcy. hehe but do not be worried. and dont run from your problem.

I'm sorry I couldn't be more precise when it comes to the exact amount of loans and the amount that cause the company to be declared as bankrupt.

1. Personal loan is below 30k, but with the outstanding penalties and interest, up to now I couldn't give you the exact amount. This personal loan was taken for business investment, more to buy stuff for the company and what not.
2. Its Enterprise
3. Our parents named me and my brother (aged 24) as the directors. And yes he's declared bankrupt too, dropped out of college and is now selling burger to feed the whole family (my parents are helping him with the burger business).
4. No I don't borrow any money from the company.

Yes the debt is more than RM30k. The other party is an individual, and was a client of the company. Perhaps their motive is to bring my parents down (I honestly dont have the details as what really happened between them), but unfortunately the company was under mine and my brother's name.

Yes, my employer is giving me cash cheque for my monthly salary, as I've made them aware of my current financial situation.

Yes, I only realized that I was declared bankrupt when I found out all my bank accounts went frozen..

Thank you for the info, I've checked my CTOS and yes, thats where I officially know that I'm declared as bankrupt..

Even if I could pay them via monthly installment, it'd be way too long.. And thats the reason why I havent visited JIM yet, I'm just afraid I couldn't continue to use my car.

My work requires to travel here and there a lot..

You should just go to the Insolvency. Its not so bad at all. Just be humble but got to bear with the officer there. Sometimes they are just so careless.

You still can open a bank account, work and even travel after you place some deposit and payments.
They will restructure and deduct 10% of your salary monthly until to a time you proof to them that with the continuity deducts still cannot replay the loan, after five years you can apply for discharged.

But it is not all rosy simply because you now have to deal with the insolvency officer which some are just hopeless.

Just my two cents.

As long as you car is under installment and the bank doesn't tarik and you are paying it promptly. No problem at all.
Only thing is that your car is fully paid, then they will want to sell your car to repay but can talk to them because nowadays, without a car how to cari makan?

What type of car; Year; Monthly commitment?

Maybe I interested.

Thank you so much from your insights and telling us your experience.

I'm afraid they wouldn't take my care soon, by I'm still obligated to continue with my hire purchase? Plus I really need the car, since my job require me to travel a lot in the city.. Using the public transportation will only deteriorate my work productivity.. Eventhough, yes, I've been thinking on letting go of the car..

There's no way our family could get it clear in full payment. Its just impossible, especially with our current situation. The other director for the company is my brother and yes, he's declared as bankrupt too. But he's living with my parents now and flipping burger to survive. We do have many family relatives, but under some circumstances, I don't think I would bring them into this matter, even if I would, I think none of them could do anything about this..

Do let me know if you have any other tips. What else can I do, and what to expect when I go for a visit to JIM..

Thank you so much again..

really?

Correction, the RM3000/= they will treat it as part of your repayment. They won't pay you back. Only the guarantee fee of RM1,000/= paid by your guarantor can be refunded.

Ya one more thing, once you fully settle your outstanding, you still need to pay them, if not mistaken 10% fees before you can be discharged.

It's an individual that was previously my parent's client, he sued the company. Yet, it costs mine and my brother's name. I believe we can't directly nego and pay them directly, since I've already been declared. So I still need to go to JIM, no other option, tell me if I'm wrong..

Getting a relative to get my car is just a huge favour to ask and none of my close relative could help. This has tainted my family's image enough between our relatives. If I could, I would want settle this without bringing any other family members into it..

Thank you so much for replying.

I've considered letting my car go but unfortunately I really need them as my work requires me to travel here and there a lot.

Yes I'm currently looking into better offer elsewhere. Yet I'm still in the process of blasting my CV around.
I'll try to speak to my CFO and see if he could give me any advice on this (eventhough he could be a cranky man sometimes, nevertheless, wish me a luck!)

And based on from many replies, I guess there's nothing AKPK can do, my next step is I should be seeing JIM..

Really. Go study on bankruptcy. U'll be surprised.

My friend got back all the deposit money. Totalling to 30k. Maybe different ppl different case.

TS, though u wouldnt want to enlist help from your relatives, probably you should reconsider that.

bad or worse, they are the one that can help, to some extent.

regardless of family face or whther they will help or not, just disclose your issues to them.

before doing do, 1st step is to go to JIM. if your brother is available, bring him along to testify as well. if your parents are OK, bring them as well.

dont know JIM's processes, just wondering if it can help you out if your parents willingly to admit their issues.

best wishes.

p/s: get a decent, cheapest car, if possible.

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.

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.

i will tell you the whole story of my case, and why no bank can help me...

maybe from there u will get some idea on getting help ...

Does it mean if it is a sdn bhd.. If the company bankrupt, the directors wont be consider bankrupt?

Sorry noob here..

I really appreciate your advice on this. It sound different than most replies. Yes, I will find someone to trust, at least to tell them my current situation, but I'm trying my best not to drag anyone who are close to me in this since I've troubled them enough in the past.

'If it's a he, he might just say i will save you'. - How lovely it would be.

if I'm not mistaken, Perkongsian Liabiliti Terhad (PLT) juz 1-2 years only got in Malaysia. TS parents biz reg already longer than that. If that time got PLT, sure tis problem would have.

It's just an old myvi, however I love and depend on it too much, I'm trying to my best to find a mean to keep it....

Hello everyone,

I'm too overwhelm with all the replies and advices you've given me here. I truly appreciate you taking your time and effort to write me. I'll read every advice and guide and will also take note on every one of it.

I'm sorry if I've missed anyone replies, but take this as my way of saying thank you so much for responding in this thread.

I'm looking forward for any more advices, opinions and stories (experiences if anyone care to share their similar case) here.

Everything seems so much clearer now.

Thank you again!

Yes please, I would love to know what happened and how you manage to get out of it in detail.

I could not thank you enough for your kind effort on guiding me. Looking forward to hear whats your friend going to say about this.

Local political parties? Is that even possible......

Thank you, I just learn about the whole Sdn Bhd & PLT here for you and from other replies. Really opened up my mind about this.

And you caught me when you say, legally my brother shouldn't do any business. Even if its just burger stall..?

Normally, the directors of a Sdn. Bhd. would not be liable for any debts of the company.

But they can be liable if there is an element of dishonesty. For example, if you knew your company is insolvent but you convinced a supplier to supply goods to your company even though you knew that the suppliers won't get paid, you are personally liable to pay for the debt.

Yes, PLT is still considered a fairly new business structure. Of course, the PLT would not have been an option back then for TS.

But many would still choose to register sole proprietorships and ordinary partnerships today because operating a Sdn. Bhd. is costly. I think this is because accountants and secretaries have a vested interest not to tell clients about PLT because PLTs do not need secretaries or auditors, so no need to pay thousands of ringgits in audit and secretarial fees every year.

If possible, try don't declare bankruptcy..as for your existing personal loan..will suggest you go to AKPK as soon as possible..not sure about company loan and hope others can guide u here..just don't give up and all the best!

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.

Pay attention lah. TS already officially a bankrupt. So no AKPK lah.

so TS, can you confirm if its is a Sdn Bhd?

Didn't you read her reply earlier that the business was registered as an enterprise?

Thank you for this note. Yes I should really figure out whats need to be done before things got worst for my brother.

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 ...

no but thanks for pointing it out

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.

PLT = LLP?

yup.

PLT = BM

LLP = English

Perkongsian Liabiliti Terhad = Limited Liability Partnership

This post has been edited by davinz18: Aug 8 2014, 05:56 PM

I personally think Malaysian need to educate themselves on proper financial planning. And even though I didn't blame my parents for what I'm going through, they are however in my eyes, are poor at financial planning. Our family, excluding me has this overly optimistic kind of mindset. They think that problems somehow, will easily solved (especially on our financial situation). I guess part of them are in denial that we're hitting rock bottom. I, on the other hand more of a realist. Hence thats why, I'm doing all the search for guidance and advices and do it all alone, because I know if I were to just rely on them, things will remain as it is, or worst.

And I think most people who end up being bankrupt, somehow started from a point where they never thought things will be as bad as this. Instead of ignorance, I think most of us simply unaware on how bad things can become from a simple financial issue.

Thank you for sharing us your story. What happened next? Are your out from the predicament or still trying to solve it?

Another angle you may consider would be to speak with a rep or mp from a local political parties? Perhaps you can ask yr dad or any of your relatives who might know so and so. Its a long shot but you never can know unless you've exhausted all means.

From your responses so far, I'm guessing there's not a whole lot of communication going on within your family (correct me if I'm wrong). First thing to solve any problems is to start the communication lines open and plan them. Speak to your dad whom I assume was running things before this happens and find out what are his plans. The individual suing your company, is there possibility of out of court settlement to get him to withdraw the suit?

Please please warn your family never to get money from ah longs, I cannot stress them enough. My neighbour had to leave to his hometown in terengganu just to run away from them.

And remember, there is always an end to a problem, you just have to keep going and trust the higher power to get you through this hellhole.

Your parents probably have never heard of Murphy's Law:

"Anything that can go wrong will go wrong."

If they have heard of that adage before, they would have registered a Sdn. Bhd. instead of an enterprise, and never have taken a very expensive loan. Personal loans are usually very costly and should not have been taken.

1. Parents are ok financially, and leave you something (or a lot).
2. Parents bring you up, leave you not much. Find your own way. Neutral. Ok. Acceptable.
3. Parents clock up debt, and YOU have to pay for it. <bleep, bleep, words censored>

(3) should not happen really, but it does.

do not allow that to happen, when you are scared anything you thought or did not thought will take shape. be brave and ride it out

Please see the jim. Otherwise You will never have the solution to get out of this ... Only jim can help you. Unless you have the money to pay the full amount to clear the debt ...

This I agree. A lot of people who I have knew that has gone bankrupt, does not understand how it is like to be bankrupt before it happened. More people should listen to others' experiences more so that they can learn from it and avoid making similar mistakes. In many cases it all started as a small problem with a relatively small debt.

1. for your car - got somebody close (frens/relatives) to buy it over from you and repay them monthly. you x wan it to get towed away when you finished the hp service. A bankrupt x own property.

2. for your debt - seek jim IMMEDIATELY for clearer pictures/indications/solutions. It may let u know how & what to do & plan for your next 5 - 10 yrs.

3. your brother - small business to earn living is permissible.

In few years time with your brother & urs total income, to settle the 60k loan is easy as the money value depreciate.

wow, i learnt a lot from this. TQ