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Bankruptcy

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asked on Feb 22, 2015 at 07:53
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Dear Sir

I really need your advice. I have been declared bankrupt due to signing as guarantor for a lease contract in one of the shopping mall (Time City-Berjaya) for an uncle.

I did not know until my credit card was cancelled. I did not up date my IC address that is why I did not know a legal proceedings was being carried out against me.

I am not sure what is the o/s amount too. I think around RM100k...

I was overseas all this while and now back to KL. I need to travel overseas to work. I have been outside the country since the last  ten years. My passport is expiring next June 2016. So this is a big problem as I cannot travel for work overseas anymore.

B4 I go in to talk to JIM what are the things I must know. I think I can get enough money to pay off the amt in one shot. What are the things I should do? I just need to travel to over seas to work for 2 mths and back and travel 2 mths and back.

Should I talk to Berjaya first or talk to JIM first and what is the best advice....I really need help... because of this I already missed my grandma funeral (who took care of me for 12 years since I was 5) and 2 Chinese new years.  My family always have to travel outside to meet me over the last 2 years. It is really tearing us apart. Cannot be here for my family in any way. Even my wife had a car accident I cannot even come back...

Pls help or can I give u a call or contact some way to talk...

Thanks.
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answered on Feb 22, 2015 at 16:59
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1/ Report in to JIM first to establish the bankruptcy amount. Not to contact the creditor first. By bkcy laws you cannot nego with creditors first, vice versa. Still have to report in first if you can afford to pay.

2/ Knowing where you stand can probably save you 50% of the RM100K++. Dont go butabuta to the creditor first as you are a quarantor. This personal opinion is for your case only.

3/ You can still travel overseas to work even while under bkcy.

Read postings of these ppl who were made bankrupted while working overseas. They "MAY" have the experience to share with regards to your situation.

..  http://www.lawyerment.com.my/boards/article-Malaysia_Business_Consumer_Bankruptcy_Law-2955.htm

..  http://www.lawyerment.com.my/boards/article-Malaysia_Business_Consumer_Bankruptcy_Law-3012.htm

..  http://www.lawyerment.com.my/boards/article-Malaysia_Business_Consumer_Bankruptcy_Law-2926.htm
(I love this guy.. he played "punk" with JIM and is still travelling overseas for work purposes. It is a skill.)

Ask for non-legal advices from them as they have dealt with JIM with regards to travel to work overseas periodically.

Q's
1/ Where is your uncle now?
2/ Has he been made a bankrupt too?
3/ Can you locate your uncle? He can provide you the most info..
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answered on Feb 23, 2015 at 06:42
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Dear Jeff

Thanks for taking the time.

1. Uncle still around
2. Uncle cannot read so I was the one who signed all document...even lease agreement. That time did not think can go so wrong just help uncle to sign a lease agreement for a shop lot to do business.

I bought 2 properties before... both sold ..one sold 5yrs ago and the other 4 yrs. First one lost money 30-40k. The second one also broke even after interest and lawyer fees.

After that the next property was under my wife name even the loan and etc. This was 4 yrs ago. Does any of this has any interest to JIM.

If they ask me where am I living now and is it rented or own...should I inform them that my wife own the property or I should just tell them I separated with wife and renting some where.

What can I declare to JIM ...or what I should not disclose.

I have been working overseas and I was made bankrupt while overseas 2 yrs ago. So should I inform all this to JIM and I have not submitted any tax return for over the last 9 yrs.

So I am totally in a mess...

My passport due next yr I came back thru back door.. so passport not stamp this round.

Should i just tell JIM i came in now because possible to get a job offer overseas. i need to apply for passport.

Should i tell them i have been working overseas for the last 9 yrs. Or just tell them i have been bumping around KL doing small business ventures over the last ten yrs trying to make ends meet.

Pls advice.
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answered on Feb 23, 2015 at 13:31
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My passport due next yr I came back thru back door.. so passport not stamp this round.
Can you describe in more detail on this back door way?
Can you go overseas again via the back door?
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answered on Feb 23, 2015 at 15:09
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Lu bukan susah.. Manyak susah.. teruk susah..

You should be working at the Phillipines or in Indonesia around Borneo Island.. Your back door should be thru Sabah/Sarawak. Very risky nowadays.. You may be in the "shadow business".. hope it is not guns or drugs.. just timber logging or sand mining.. Nvm, i had a current friend who is in the employment of this trade now.. just illegitimate in the eyes of Msians Govn but in some countries legitimate..

Uncle still around
Has he been make a bankrupt. If not why not.? Were there attempts to bankrupt him first?

I bought 2 properties before... both sold ..one sold 5yrs ago and the other 4 yrs. First one lost money 30-40k. The second one also broke even after interest and lawyer fees
If there is proper S&P documented thru lawyers, no issue at all esp if sold "at loss". I remember there is no such declaration required when submiting the SOA. Have to recheck when the time comes. Anyway if you plan to "settle", there is no significant impact of the outcome.

If they ask me where am I living now and is it rented or own
You are required to submit current address by bkcy law for the purpose of correspondence, not any investigation.

If they ask me where am I living now and is it rented or own...should I inform them that my wife own the property or I should just tell them I separated with wife and renting some where.
The more white lies you state in Black & White the more problems comes. Your wife house is in her name and is under loan. Your bkcy has nothing or be in any way affecting your wife except she has to feed you now..Hahahaa..  No such questions will be ask in JIM. You just fill forms.

After that the next property was under my wife name even the loan and etc. This was 4 yrs ago. Does any of this has any interest to JIM.
No interest to JIM unless it was "transfer" or "sold below market value" from your name.

I have been working overseas and I was made bankrupt while overseas 2 yrs ago. So should I inform all this to JIM and I have not submitted any tax return for over the last 9 yrs.
So I am totally in a mess...
My passport due next yr I came back thru back door.. so passport not stamp this round.
Should i just tell JIM i came in now because possible to get a job offer overseas. i need to apply for passport.
Should i tell them i have been working overseas for the last 9 yrs. Or just tell them i have been bumping around KL doing small business ventures over the last ten yrs trying to make ends meet.

All these are head cracking issues and not for discussion on this bkcy forum. Any comments is deem illegal advice and is not in the context of bkcy laws. I do not wish to pen any comments nor opinions.

Open to Public.. Any takers.?
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answered on Feb 23, 2015 at 20:13
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I just when to jim office set interview date one ofthe doc to bring is passport...will I hv to surrender my passport to them or they will kust check
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answered on Feb 24, 2015 at 00:48
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Quick check on Whether U hv been made Bankrupt

Just use the quick check to see if you have been ban for overseas travel now.!!
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answered on Feb 25, 2015 at 05:38
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Just check .....immigration search "refer to immigration dept" means barred.

Any issue need your advice, I  have a house loan together with my wife. But the property under her name only. Does this affect us, will JIM or creditor get to sell the house. The repayment is prompt and no problem.

Pls advice.

Thanks.
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answered on Feb 25, 2015 at 06:10
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Dear Jeff

Do u have any laywers contact who I can speak to?

Thanks.
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answered on Feb 25, 2015 at 07:05
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Any issue need your advice, I have a house loan together with my wife. But the property under her name only. Does this affect us, will JIM or creditor get to sell the house. The repayment is prompt and no problem
No issue as property is under her name. The most is the bank recalls the loan or by the getting of a co-borrower to get your name out. If you plan to settle no issue at all.

Do u have any laywers contact who I can speak to?
No. If you have read enough on this section, most of us is in the bkcy situation because of dirty lawyers tactics. Lawyers is our NO.1 ENEMY.. Instead of helping they would fleece us and cheat us of our rights to a fair trial. You can get any lawyers outside but if you have any shady dealings in your businessess, just be cautious, you are subject to possible blackmailing in the future. You back door re-entry is already one big issue.. Lawyers have no exposure to issues inside JIM. So, almost all the victims here are "better exposed" to JIM issues unless you are a datuk who can afford to pay 100's of thousands to save your skin from jail.!!

Yours is just a small issue. No need to panic. When is your appointment with JIM.?? I just met up with @King and spoke on your case.. YES.. you have to surrender your passport. Nevertheless, you cant use it oledi until you get permission from JIM.
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answered on Feb 25, 2015 at 07:19
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Funny?? All of us who check says refers to JIM. Why yours refer to immigration? You have broken immigration laws overseas? For bkcy, only JIM can bar you from overseas travel. Please recheck carefully and dont panic, read carefully la.. Is that why you come home backdoor.?? Who exactly are you and the nature of your work overseas.?
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