Bankruptcy or AKPK

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asked on Apr 3, 2009 at 20:07
by   almostdie
edited on Jun 27, 2016 at 04:32
My total debt to few banks is around RM230,000 (credit cards and personal loans). Ever since early last year, I started to have difficulties to pay the minimum amount on time. However I still made some payments on and off. My net income is RM8,000 and after minus my expenses I have about RM4,000 to pay back my debts. However, this is still insufficient to pay the minimum amount to every bank.

Basically I do not have any tangible asset, I have one house (market value about RM100,000) which I remortgage early this year and I have one 7 years old Wira (market value around RM10,000).

I don't have any savings and every month I am left with few hundreds for my own expenses. So virtually I am already a bankruptcy.

So, like the others, I have been receiving numerous calls from bank, collection agency, lawyer chasing for payment. Most of them are not polite and threaten me with all kinds of tricks... summons, bankruptcy and so on.

I think I will go crazy and psycho if they continue to harass me.

I have approach Agensi Kaunseling & Pengurusan Kredit (AKPK) early last month and  made my first payment, the monthly repayment they proposed is RM2,700.

Since AKPK process will take about 2-3 months to approve, the banks and collection agency still keep calling me and threaten me everyday even though I told them I have applied to AKPK and waiting for approval.

So my questions are:

1) Can I stop making payment to banks while waiting for AKPK approval? Actually I have stop making payment to few banks this month since I am already broke.

2) Should I wait for the banks to sue me bankruptcy since I don have any assets except an old car?

3) What would happened if the banks sue me bankruptcy and how much should I pay? Can I just pay some minimum amount and wait for 5 years and appeal for 'pelepasan'?

4) Would the banks still charge interest after I am declared a bankrupt?

5) Should I wait for bankruptcy or wait for AKPK's approval since under the Debt Management Programme (DMP), the repayment will also include some interest to the bank?

Any advise is very much appreciated.
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