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how to appeal for a bankrupcy?

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asked on Nov 17, 2008 at 23:40
by   lifesucks
Any kind hearted soul out there who could advice me,with so much thanks.

I want to bring my dad, 67 year old to go abroad. But the problem is that he is a bankrupcy holder for more than 20 years.

What should I do? Should I go to see a lawyer to deal with this matter or can I appeal to any organisation about this matter?

I hope someone could help me, cause I really dont want to give my dad a "false hope" that he MAY have the chance of living abroad for sometime.i just want to find out myself so that I can talk to him if I know exactly what should I do to make this wish come true.Life is too short to worry so much about...

Thanks so much for the advice. Really hope to hear from someone soon.

cheers
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7 Answers

answered on Nov 18, 2008 at 00:23
by   Life is short
I advise you to check or appeal with the Insolvency Department Malaysia
on how to apply for release from bankruptcy. This dept is the "Official Assignee"
and the correct dept where bankrupts need to report on matters related to bankruptcy.
This is the only department who has the authority to release bankrupts from bankruptcy.

Below is the headquarter of Jabatan Insolvensi Malaysia.
There are many branches in most states. There is one in KL
and also one in Shah Alam, Selangor.

Pengarah Bahagian Kebankrapan
(Director - Bankruptcy Department)

PUAN MAHAZAN BINTI MAT TAIB
mahazan@bheuu.gov.my
03-8885 1846 (Putrajaya)

Jabatan Insolvensi Malaysia(Ibu Pejabat)
Insolvency Department Malaysia(Headquarter)

Aras 2 & 3, Bangunan Hal Ehwal Undang-Undang,
Presint 3, Pusat Pentadbiran Kerajaan Persekutuan
62692 Wilayah Persekutuan
Putrajaya, Malaysia.
Tel: 03-8885 1000 Fax: 03- 8885 1348
helpdeskjim@bheuu.gov.my
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answered on Nov 18, 2008 at 03:16
by   Jason
Yeah. life is #### when bankrupt or having big money problem. It's more #### mentality wise such as lost of freedom to go everywhere and reputation and low self esteem rather than physically well being such as living welfare. those that patron this forum perhaps are those that bankrupt, going to be bankrupt, having serious financial problem or those that interest or specialize in this forum such as lawyer. Life goes on, we need to encourage and help each others. Bankruptcy is truly a "life imprisonment" and torture mentally which last forever if one can't get out of that such as life####s dad.
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answered on Nov 18, 2008 at 03:21
by   Jason
Yeah. life is #### when bankrupt or having big money problem. It's more #### mentality wise such as lost of freedom to go everywhere and reputation and low self esteem rather than physically well being such as living welfare. those that patron this forum perhaps are those that bankrupt, going to be bankrupt, having serious financial problem or those that interest or specialize in this forum such as lawyer. Life goes on, we need to encourage and help each others. Bankruptcy is truly a "life imprisonment" and torture mentally which last forever if one can't get out of that such as life####s dad.

With the present of AKPK, i hope those that facing the pursue from creditor do act immediately seeking AKPK help as soon as possible. Bankruptcy might discharge one from financial obligation but one might still bear the consequences of the penalty sooner or later. I guess it might not easy to discharge from bankruptcy without the creditor nod their head. If bankruptcy is meant for life, might as well we try to pay what we owe if we are still affordable such as restructure it to term loan right?
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answered on Nov 18, 2008 at 16:10
by   John
Dear Jason,

Thanks for your sharing. I have some reflections to share.
Of course, if one can avoid bankruptcy - it will be good.
Sometimes - even the AKPK's restruture plan of monthly
repayment is not even affordable to debtors themselves.

Opting for bankruptcy is only the last resort when a
person cannot afford to pay back even the minimum
restrutured amount. Each debtor's situation is different.
Some debtors owing below RM30k and some just more than RM30k
while others are owing to a tune of millions of ringgit.

There are advantages & disadvantages of being a bankrupt.

Advantages:
(a)Free from the fear/pressure of creditors & its legal
proceedings (b)In this case - some peace of mind to start
life again (c) Enable the bankrupt to be more matured
and start a new life (d) In starting a new life, before
one is a bankrupt, one needs to prepare & plan carefully
so that one can still earn a living even though some
restrictions are imposed on a bankrupt. (e) EPF, Pension,
Sosco and Insurance monies are protected.

Disadvantages:
(a) Passport impounded: but can always apply permission from
Jabatan Insolvensi Malaysia(JIM) to travel overseas.
(b) Bank accounts frozen: but can apply permission to open
a savings account for the purpose of depositing monthly salary.
(c) A bankrupt can be employed locally and if permission granted
- can still work overseas
(d) If working - need to contribute monthly small amount as
payment to JIM - no problem - it can be RM30/= per month.
(e) Cannot do business to earn money - no problem - there are
many business u can help out without using a bankrupt's name.
(f) Assets/properties need to surrender to JIM. One needs to
prepare & plan carefully like disposing off the assets/properties
to the best possible long before being a bankrupt.
(g) Blacklisted - hardly can get loan and credit card but
one may be able to get an off-shore credit card.
(h) Loss of Reputation: Bankruptcy is the last resort! It can
give a bankrupt a more matured new start again with peace of mind
far away from the constant pressure of creditors/legal proceedings.

With all the above said, I am NOT encouraging people to be a
bankrupt but there are people who really really really have no
choice but bankruptcy is their last resort/option.

If one prepares and plans very carefully, I see no reason why
a bankrupt cannot have a fresh start and enjoy life even though
there are some restrictions which may not make much difference to
some unless one is a corporate leader, high-level businessman or
holds a high position in life. Other than that, if a bankrupt lives
a low profile life - nobody seems to know he/she is a bankrupt
unless it is revealed.

After all, a bankrupt can still live a reasonable normal life as the
world becomes more accessible to our home due to the advancement of
ICT & the computer technology that can really give a bankrupt lots
of business to do online with freedom. For example, do you know that
a bankrupt can offer translation service online and still earn a
comfortable living.

There are unlimited things a bankrupt can do online by using ICT and
computers. Everybody including retirees,uncles & aunties can learn
up the computers at their own pace.

In conclusion, a bankrupt can actually have reasonable freedom to do
many other things even if he/she is NOT interested in computers. It
is up to the bankrupt to explore. One can even open a bank account
overseas via online without physically going overseas.

It might not be easy to discharge from bankruptcy without the creditors
nodding their heads but one can appeal to JIM to be released if a bankrupt
has a good track record of obeying JIM & contributing regular monthly
payment to JIM. JIM has the final say on the release, not the creditors.
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answered on Dec 27, 2009 at 03:10
by   Mark
Hi John,

Your message really tell what's in my mind now.... cheers!!
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answered on Dec 25, 2010 at 20:13
by   Anonymous
i am facing the bleak prospect of being sued bankruptcy for credit card debts.  I was told that all my properties will be impounded as well as the furnitures & electrical items in my house will be seized & auctioned off. Also my passport & driving licence will be cancelled.  Is the above true? How will I & my family live in a empty rented house? How can I keep my job if my driving license is also cancelled? How can i deposit my salary cheque if my savings account is also frozen? Any info given will be very much appreciated. TQ.
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answered on Dec 28, 2010 at 15:12
by   Joy Chua
Confused & Scared said,

"i am facing the bleak prospect of being sued bankruptcy for credit card debts. I was told that all my properties will be impounded as well as the furnitures & electrical items in my house will be seized & auctioned off. Also my passport & driving licence will be cancelled. Is the above true? How will I & my family live in a empty rented house? How can I keep my job if my driving license is also cancelled? How can i deposit my salary cheque if my savings account is also frozen? Any info given will be very much appreciated. TQ."

My advice:
When a person is a bankrupt, some basic living things amounted to a sum of RM5000 in your house will not be impounded. Things like your cooking things, washing machine, your bed, clothes, fan, etc & other things for normal living, you get to keep. This is not to worry as most things in our home are 2nd hand. They are only interested in expensive things. Not to worry. You can always hide those expensive ones before they take an inventory. Even you can keep a car before the value of RM5000 as this vehicle can be a basic necessity for you to travel to work. Passport will be frozen but not your driving license. All your bank accounts will be frozen but not to worry, you can apply to Jabatan Insolvensi Malaysia (JIM) to open a savings account just for your salary to be deposited. Even if your passport is frozen, you can still apply to JIM to travel overseas if your reason is valid like muslims are allowed to perform pilgrimage at Mecca, Christians to do their pilgrimage at the holy land, going overseas for medical treatment or even working and etc. Best is to sell off your properties and assets long before bankruptcy to protect your yourself. You can even transfer ownership to others if let say you will be made a bankrupt in about 3 years time but not within 2 years.

You will need to plan well to minimise all the limitations imposed on you once you are made a bankrupt. Bankruptcy is NOT the end of the world as there are still many ways a bankrupt can survive in this fast moving world of the ICT world.
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