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Will I bankrupt ?

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asked on May 31, 2015 at 01:10
by   debtor
Hi, I have question about bankruptcy. I have credit card debit that will exceed 30k on this July. But I have never made payment since 2010 Ogos. That means it will be 6 years no payment on this Ogos 2015. But the thing is the debit will exceed 30k on Juky 2015, which mean one month before the 6 years non payment. Can the bank still file me the bankrupcy ? Hope someone can help me what should i do to avoid bankrupt. I appreciate to all your help !
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answered on May 31, 2015 at 01:44
by   jeff005
have credit card debit that will exceed 30k on this July
How did you know? You received statements to your current address?

But I have never made payment since 2010 Ogos. That means it will be 6 years no payment on this Ogos 2015
In theory YES.. in practice not 100%. There are other factors to consider plus minus a few months.. If they have send you a demand letter earlier and you did not receive it, some problems do arise.

Can the bank still file me the bankrupcy ?
No.. the bank have to file a lawsuit in court first to make you a Judgement Debtor. After being a J.Debtor, there are other venues of collecting the debt. After all efforts failed, then the last resort is to file for bankruptcy proceedings.

Hope someone can help me what should i do to avoid bankrupt.
If you are in gainful employment, ie. with proper job and the ability to repay, go AKPK to seek help and advice.

Q's..
1/ Do you have other c.cards/personal loans?
2/ What makes you think they are going to bankrupt you?
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answered on May 31, 2015 at 02:06
by   Abu Ammar
Dear debtor

August 2010 to August 2015 is only five years. One more year to go or about 15 months to be exact. Jeff is correct to say that any legal action taken against you in the form letter of demand or summons filed may give some complication. It is advisable to get a CTOS reading on your legal status.

ctos.com.my/CTOSHOME/selfcheck.html

Revert back here when you get the results..
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answered on May 31, 2015 at 05:40
by   ayzek
debtor,

Based on your situation and the response from Jeff05 and Abu Ammar above it is not quite safe for you to totally rely on the 6 years Limitation Act.

If you need to structure an affordable repayment scheme then visit AKPK to find out as  per Jeff05 suggestion.
If you need to know your current legal status then do as being suggested by Abu Ammar.
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answered on May 31, 2015 at 12:06
by   vkpc
Do you know whether the bank has sued you earlier or not?  Normal summons, not bankruptcy proceedings.

If they have sued you and won because you did not appear in Court, they have 12 years, not 6 years.
If they have not sued you before, you will be safe after November 2016.
Find out whether you have been sued before.
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answered on May 31, 2015 at 16:46
by   Debtor
Thanks for all the comments.I made mistake to count the 6 years time limit.It suppose to be Ogos 2016 which 1 year + to go.The problem is i also not quite sure whether this bank got summon me or not. Is there anyway to check That ?
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answered on May 31, 2015 at 18:18
by   ayzek
debtor,

vkpc raised this question to you: Do you know whether the bank has sued you earlier or not?

You answed The problem is i also not quite sure whether this bank got summon me or not. Is there anyway to check That ?

Abu Ammar already answered you:  It is advisable to get a CTOS reading on your legal status.

You also check CCRIS report at Bank Negara Malaysia. Please do that.
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answered on May 31, 2015 at 19:55
by   jeff005
@ debtor
You have not yet answer any my Q's.. esp on the "current address".

Your BNM CCRIS may not show something if there have no payments within the last 12 months for any type of loan repayments to any banks. But that does not mean you are in the clear. CTOS may show any lawsuits that have been concluded but not any ongoing current lawsuits.

By your admission, you are trying to hide behind the limitations acts which can be dangerous and fatal by not understanding its implications and applications fully. Depending on your age, one should try to settle any financial debts whist they are young. My criteria (young) is below 45yrs old.
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answered on May 31, 2015 at 20:25
by   debtor
Not trying to hide behind limitation act, just trying to use limitation act to my advantage like ayzek.
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answered on May 31, 2015 at 21:06
by   jeff005
Not trying to hide behind limitation act, just trying to use limitation act to my advantage like ayzek
Good point.
Now, perhaps, can you tell me, on what basis did the Ayzek creditor bank withdrew the writ? If the bank is aware of the limitation act, why did they file the Lawsuit in the first place? banks got too much money to pay their lowyers? What advantages Azyek have/had that you do not?
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answered on Jun 1, 2015 at 00:10
by   debtor
"Not trying to hide behind limitation act, just trying to use limitation act to my advantage like ayzek."

hahah..someone use my nickname to answer. but its a good ansawer. I just register ctos. but it require me to upload IC and update all my info like..address, contact no... 

I afraid Ctos is also a place for creditor to get the debtor up to date info so they can take action on people like me. Just like the communication company, no matter how i change a new number, the creditor still can catch up to contact me.
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