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.

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

Sorry noob here..

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.

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..? 

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!

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

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 ...

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.

Rich bf. The debt is actually quite small.