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advice and help sought

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asked on Nov 14, 2009 at 23:36
by   pensioner
I am now 63 years and i was adjudicated a bankrupt in late 1998.In Nov 1999, my employment was terminated due to this pecuniary embarassment.Since then,i have been unemployed due to this status. I have since withdrawn my EPF but since my children was studying,most of my funds went towards their maintenance and right now i am living from hand to mouth,so to speak. I have no property, no income or assets but solely living on the income of my wife's earning, which is not much.
My question is:
1. I was never being called by JIM to do any declaration of income and assets.
2. It has been more or less 11 years,now, what can i do to get myself discharged ?
3. Will JIM penalise me for not declaring anything since i never receive any notification
   from them on the declaration of whatever ?
4. My outstanding debt is more or less than RM 30K. This was in 1998 but since the law changed
   in 2003, what is the effect and implication ? My last drawn salary was retained due to the   
   settlement with LHDN.
I seek your pertinent advice on the matter and thank you.
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answered on Nov 15, 2009 at 01:34
by   choong
Here is the question. Is it really necessary to discharge yourself? You dont have any assets and certainly am not holding and public office and your too old to be employed .

I'd say just live with it since this is not affecting you in any other way unless your planning to travel out of malaysia but i think that's highly impossible based on your current standpoint
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answered on Nov 16, 2009 at 06:17
by   pensioner
Choong, thanks for the reply but it's just the stigma attached and i would want to be rid of it.Surely, there must be something that can be done to be rid of it.FYI i would like to see my children and grandchildren overseas and they are willing to pay for all the travelling expenses and i cannot be giving excuses and stalling.Please, anyone i'd like advice on how to go about getting the release. Thanks.
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answered on Nov 16, 2009 at 11:25
by   choong
JIM wont stall your application to go overseas. You'll get a reply in 3 days . You just need to show them proof such as wedding card to go overseas or visit "sick" relative
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answered on Nov 17, 2009 at 01:52
by   John Gurusamy
Hi pensioner,

I believe you should approach JIM to seek advice.
I read somewhere that since you are of golden age
and had served your "sentence" of bankruptcy though
you did not serve a monthly payment, that is fine.

Not everybody needs to serve the monthly payment as
it is based on affordability and not on compulsion.

You should be able to get release as I see no reason
what they should continue to serve you bankrupt as
you are already pensioned and of golden age.

In other countries, you probably get an automatic
release to continue with your life without those
"artificial" bankruptcy restrictions. I am sure
you still can contribute to the society in some way
or another with your experience and wisdom.Cheers!
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answered on Nov 17, 2009 at 06:11
by   pensioner
Dear John and Choong,i would like to thank you both for the sound advice and it is comforting to know that there are still people that gives me hope. I am afraid to face JIM, for fear of rejection by them.Somehow, i will pluck some courage and make the effort to see them within the next few days. I hope and pray i will get through this mess and start afresh. Once again thanks to the both of you.
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answered on Nov 17, 2009 at 15:16
by   choong
Do you have any money in your bank account? Move them out just in case JIM want to freeze it
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answered on Nov 17, 2009 at 16:10
by   pensioner
As i am not working,i do not have any income,only about RM40 remain in the account and it has been dormant for many years. If they want it, they are welcome to take it.For your information,practically all my EPF withdrawals went towards funding my childrens education overseas and i had no luxuries for myself.That was my only investment. Thanks Choong.
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answered on Nov 17, 2009 at 20:39
by   choong
Do you have some assets such as shares or mutual fund?
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answered on Nov 18, 2009 at 05:18
by   pensioner
Choong,i do not have any of those shares or mutual funds and as i've mentioned i have practically nothing left. Everything i had went towards paying my childrens education.Medical tuition fees is expensive and exhorbitant,i had to liquidate everything i had, then.The house i am staying is rented and i only have an old car which is now about 20 years and worth practically nothing.In other words,i am practically a pauper but i am glad my children are all doing well. My predicament was never made known to them as well as my wife and they do not know still that i am now penniless and a bankrupt. Sad to say about my predicament but i am glad i discharged my responsibility as a father even though i have nothing left.Lucky though,my wife is supportive. Again i must thank you Choong as in many ways i know you are helping me through this situation.Thanks again.
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answered on Nov 18, 2009 at 08:50
by   Notapro
Hi pensioner,

You have sacrificed for your children's education and if i am not mistaken, they are working overseas and doing well.   My advice to you is since your debt is roughly RM30,000 - you can nego with the bank and pay a lump sum money either 20% or 30% or 40% or 50% of the total debt depending on how well you nego. After all to the bank/creditor, the debt is as good as gone. Normally, for one lump sum settlement, you do not need to pay the total debt.

I believe your children can help you out on this proposal. Tell JIM you want to settle with one lump sum and i think you can hire JIM's lawyer and pay for the service to get you release from bankruptcy.

Worst come to worst - you can come up with a good reason to travel overseas and get the permission from JIM. Once overseas, do not come back and live happily with your children forever if you plan this way. There are people who went overseas and never return. You have reached a golden age - it is time to have a wonderful golden time to live with your beloved children and grand-children. Make the greater good of your life as one united family with your children/grand-children in your golden stage of your life. You deserve to be rewarded with love, peace and happiness. Cheers!
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