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Will I bankrupt ?

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asked on May 31, 2015 at 01:10
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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 Jun 16, 2015 at 04:02
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Dear Debtor555
Can I nickname you debtor555? There are many ppl who has used debtor id before.

One of the main reason why I prefer to post your issues here on the forum is that you can get a mixture of comments, for better or for worse. Btw, I am an old man. Just last nite i was at my regular mamak stall for the past 15years, i received news that a co-regular died in his sleep a few days ago. Gone.. just like that, with no major illness, walking around plus riding motorcycle. So by posting on this forum, the whole thing stays here, people remembers you, your case abeit not exact identity. I can be gone anytime.

PDF or jpg the 4 summons. Most likely they have got JID since you have not attended the court cases. How to check?, see these docs first. PBB, jpg the latest statement. If Judgment was in 2010 and latest statement says 29K, you can guess what they can do within 2 months. That is if they want to.

5 summons x 30 K each, can you afford to settle?

Curious Q's
1/ You can receive mail but u didnt attend the court case why?
2/ The address at bank records is your parents' house or friend?
3/ Are you in gainful employment?
4/ How old are you, married with kids?
5/ Do you have any assets under your personal name, even joint names.?

Answers to the above can determine how soon you can be in a position to be sued for bankruptcy by the 5 banks. And the mode of how they will do the servicing of any possible bankruptcy notice.
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answered on Jun 16, 2015 at 16:48
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@jeff005,

Yes, if you helping ppl like like me sure we will remember you forever,perhaps we will spread your spirit to those in trouble. Ok, here is your answer.

5 summons x 30 K each, can you afford to settle?

If can settle i won't be here. 

Curious Q's
1/ You can receive mail but u didnt attend the court case why?
because last time i worked and miss to attend one court case. I see nothing happen then i din't attend for other 4 courts case as well.

2/ The address at bank records is your parents' house or friend?
yes, its my parent house but also joint name with my auntie. why u ask ? can the bank anything if the house is under my parent name ?

3/ Are you in gainful employment?
Currently i am not working. my commitment is very low.I'm taking care on my mom who already close to 80 yr.

4/ How old are you, married with kids?
I m around 40s. Single.

5/ Do you have any assets under your personal name, even joint names.?
I don have any asset. sold my car many yers ago since i have trouble. My late father wan to put my name for the house but i refused it after i let him know my situation. I only have 1 kapcai.

Ok, I will email u the jpeg once done. Just wan to say Thanks again.
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answered on Jun 16, 2015 at 17:29
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@ debtor555

2/ The address at bank records is your parents' house or friend?
yes, its my parent house but also joint name with my auntie. why u ask ? can the bank anything if the house is under my parent name ?

Simple answer.. You cannot claim you did not receive Court Summons. Not yr house, bank can do nothing.

Currently i am not working. my commitment is very low
If you were to be working soon, what is your market value?

Thks for yr nice commitment.
Will wait for your docs b4 giving further opinions.

JeffOO5
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answered on Jun 20, 2015 at 04:30
by  
Dear debtor555

Analysis of your tuntutans for Public opinions and next best course of action.

Tuntutans' (4)
Bank A  02/2010  6.9K
Bank B  04/2010  12.5K
Bank C  08/2011  9.5k
Bank D  09/2012  12.5K
Bank E  05/2015  28.1K (no tuntutan yet)

Compounded interests rate 17.5%, 18.0% based on daily rests.
plus yuran khidmat tahunan RM150.
plus late charges 1% monthly basis.

Personal Opinions
1/ Based on not being in gainful employment you may not be able to pay even 1 bank.
2/ Whether it is worthwhile to pay such high interests rates.
3/ Only Bank A of 6.9K may not reach 30K (Bkcy Threshold). But detailed computations is required.
4/ Bank E can start Summons in court at all times and initiate Bkcy Proceedings anytime after 6 months upon getting a JID. If they want to.
5/ The logical next step is to wait for Bankruptcy Notices.
6/ Be employed asap so that you may be able to pay RM50 to JIM. After 5 years of case management apply for discharge from bankruptcy.
7/ On the hindsight, the banks may not do anything to you since you cannot be traced plus NO ASSETS (like me). It has been 7 years since I kena a JID of maybe above 70K..!! ( same as one of banks)

Please take notice for ALL. On the bank statement of BANK E, it was stated that the credit card has been cancelled. So, if possible, keep all statements from banks for borderline cases.!!

Rdgs
JeffOO5
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answered on Jun 21, 2015 at 18:04
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Hi jeff005,

Sorry for the late reply and many thanks again for your opinion.

I have some questions on your post.

1.) How you know bank E no tuntutan yet ? As you know i lost the summon copy bank E.

2.) Will it be another court case When i get the bankruptcy notice? Can i still negotiate with creditor after i got the Bankruptcy Notice ?

3.) Is it too late to be employed after after i receive the bankrupty notice?

4.) If i bankrupted for 1 bank. What happen after i discharge from JIM ? Can other 4 banks file the bankrupty on me again ?

5.) How to check the JID. I check Ctos it only show the legal case (summons) for debtor. But 1 bank got remarks "JUDGEMENT OBTAINED" is it means the JID ?

6.)My sister thinking to buy one second car around 5k for me. I heard asset not exceed 5k will be safe. Is it right ?
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answered on Jun 21, 2015 at 20:16
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Dear debtor555

1/ I wont know whether there is a tuntutan for Bank E, my answers are based on what docs I received hence the remark "no tuntutan yet". The rest is 100% tuntutan's as date of attending court is stated there plus summons nos. I am not in a possition to explain why CTOS do not show ALL those banks in their reports, ask CTOS.??

Perhaps the only solution for you is go the courts which your case is/was heard and extract copies of them.

2/ For debt collection/recovery, bankruptcy is the last legal action that can brought upon a debtor. Yes you can try to nego but chances is still you have to pay the full sum plus minus a few thousands on the spot in court or be able make "a composition" with ALL your creditors. It is NOT going to be a few thousands but maybe 50% of the TOTAL DEBTs UPFRONT. I really do not know as i am only waiting to be bankrupted. I cant even pay 1% of ny debts..!!

3.) Is it too late to be employed after after i receive the bankrupty notice?
It would be better you at your age to be employed at all times for your age.

4.) If i bankrupted for 1 bank. What happen after i discharge from JIM ? Can other 4 banks file the bankrupty on me again ?
I have written many times on this topic. Read past postings of mine and others on this topic. Try to understand what is bankruptcy then you can anwer all questions yourself. This is the best method to learn.
Btw you are not in an emergency, so no hurry.

5.) How to check the JID
Answer is same as in NO.1 above.

6.)My sister thinking to buy one second car around 5k for me. I heard asset not exceed 5k will be safe. Is it right ?
There is no rule or law stated that a bankrupt after reporting into JIM and have declared all assets and liablities, can or cannot own a motor vehicle of 3k,5k,10k,15k,. As far as I am concerned, my personal interpretation of bankruptcy laws is that "A bankrupt, reporting in to JIM and is contributing monthly repayments to offset claims made by creditors can drive a reasonably priced car for the purpose of working in order to make payments to JIM. However, there must be application and approval from JIM. I am in employment as a travelling sales person and i need to travel throughout the country and need a "good" car for safety purposes. It all depends a lot on the I&E submited and the amount to be paid to JIM. The keyword is, negotiate for your rights.

There is no book to study or to rely opon on such situations.

Rdgs

JeffOO5
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answered on Jun 22, 2015 at 05:34
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Hi Jeff005,

Thanks again.I think the only option for me is wait for bankruptcy notice. Or settle with banks if one day got enough money.( Win lottery)  hehe !
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answered on Jun 23, 2015 at 02:36
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Hi Jeff005,

I have another question. What are the chances for discharge after 5 years of bankrutcy If pay 50 bucks to JIM ?

I am thinking to declare for bankrupt instead of don know when the bank will make me bankrupt.They (creditors) still have 7 years to make me bankrupt base on my situation which I stop all payment since the last 5 years. I afraid they sue me on the 6-7 years coming.Plus another 5 years bankruptcy,then i will only discharge after 12 years from now. If they not sue me i also need to wait another 7 years. But if i declare bankrupt i will be free after 5 years from now.

So the big question, How high the chances for discharge if i pay 50 bucks to JIM for 5 years ???
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answered on Jun 23, 2015 at 03:30
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Dear debtor555

Self declare bankruptcy??
This is actually called a Debtor Petition opposite of Creditor Petition.
This is a declaration of Insolvency.

All the above tuntantans have already made you an insolvent person once  Total Liablilities>Total Assets cum income.

As I have already stated that the banks may not file for bankruptcy.

There are a lot of procedures cum documentation to file for Debtor Petition. Accomplied by the payment of RM1,500 to JIM as processing fees plus going to High Court to complete the process.

What are the chances for discharge after 5 years of bankrutcy If pay 50 bucks to JIM ?
How much to pay depends a lot on the I&E you submit to JIM. You just cant say, I am unemployed now, and I just want to bankrupt myself. What causes your action? Who has been chasing you for the debts. There must be some action from the other party/parties.

It would be better if you wait for some action from the creditors and be in a gainful employment. The fact that some of the banks gave up sending you bank statements is indication of they "may" have given up trying to find you.

The fact that Bank E is still sending you letters after so many years is they believe you are still around there. You have to be a detective to find out the reason why.
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answered on Jun 23, 2015 at 04:56
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I am thinking to declare for bankrupt instead of don know when the bank will make me bankrupt.

Since you are  mentally ready to be a bankrupt may i suggest you to 'die fighting ' instead of surrendering.

1.  Buy a total of 5 simple soft briefcase for each of the 5 banks you are going to face but have no idea when.
2.  Search for old documents, including letters, statements, reciepts, summons etc segregating them accordingly.
3.  Study and do research for the flowchart of a court lawsuit.
4.  Study the court procedures. The Lower Court and The High Court.
5.  Study the characters of lawyers.
6.  Study the characters Pendaftar, Magistrate and Judges and their role in court.
7.  Make research of past court cases similar to your case.
8.  Study the banks and of how they operates.
8.  Study, learn and starts  to type your own documents of defence giving priority to the bank that has the highest amount.
9.  It is best if you can study/prepare  a std format ready for all the stages that you forecast to face in court.
9.  Make a continuos improvement to your draft of defence up to the highest level of court until you feel 'ready'
10. 'Practise' by helping others based on the knowledge that you have gathered.

11. Now.. you wait for which bank are going to give you the summon first. You are ready. You have nothing to loose.

My own brief Summary from reading a ' William Chan '.
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