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REQUEST FOR BEST ADVICE

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asked on Feb 4, 2010 at 03:25
by   Anonymous
Hi Firefly & Notalaw or anyone else who can help
I'm new to this forum. I going thru all the forum notes. Most of it are good sound advice of many different nature. I'm having sleepless night for the past 1 year due to my Credit Card debts + personal loan + house loan. My combine debts in total is RM303, 000 approximately. Initially Major chunk of it due to my helping my relative in difficulty. (I was naive at that time) I've manage to get AKPK assistant. But with the payment tier increasing by the year, i finally could not meet up. I'm paying monthly now to AKPK RM1,690 for the Credit card debts+personal loan. As for the house I using EPF monthly deduction of RM1320 to assist me. I've almost zero saving now. I don't intend to touch my EPF anymore as i intend to use it for old age & help my children.I may not have enough though in Account 2 of EPF for consecutive years anyway. I need your advice on this: Due to constraint (have 4 kid, schooling + 1 good understanding wife to feed) I intend to default in payment and allow myself to go for bankrupt. All my indv. Cred Card dept is not yet RM30K. As for the house intend to sell it off. All this I'm doing to start a new slate which I know i will face the JIM. I notice that these method will be more merciful to me & my family of at least by paying lesser to IJM to meet my family needs. At least this way some of the creditors of minor amount will dropped from my shoulder and allow to still pay monthly lower to IJM. As such will my Bank account use for salary currently be frozen where the company could use to bank in my salary. At times I want to commit suicide which I hate the thoughts of being coward to my 4 lovely boys & my good wife who have to face the world on their own. So please help me breath... I appreciate your good nature advice to the many people who have come in contact with you good guys. /Sleepless night -Peter 538
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answered on Feb 4, 2010 at 03:31
by   Anonymous
Another note which I left out. My wife is a full time housewife.
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answered on Feb 4, 2010 at 04:15
by   notalawyer
If you think that you need to leave a house, car or money for your kids, you are wrong.
They don't need all these.
They will buy electric cars when they grow up. They don't want all these oil burning junks that we have now.
They want to live in better countries when they grow up, not these houses we think they like.
You can leave them RM 10 million and they will fight themselves over it, and they will finish spending it all in 2 years.

What they need from you is love and guidance.
Sell the house and rent a nicer one.
Save the cash in a safe deposit box for rainy days.
When your kids grow up, they will buy house and car for you as a reward for not giving up.
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answered on Feb 4, 2010 at 16:51
by   Peter 538
Bro / Sis, (sorry i did not get your nick name)
Thanks for the word of advice.

But back to my initial query.., I intend to allow myself to go bankrupt by defaulting on my payment to AKPK. My credit Card + personal loan amount is RM102,000 in total. There are 6 Credit cards in total but none has reached RM30K as yet. I'm doing this as upon my judgement of bankruptcy, I understand i can work with out OA (JIM) of lesser payment(app. $50 to $100 monthly)  and ultimately possible discharge after 5 years of good behavior. This I thought will allow me to breath and start a new slate. Is this the best move for me?... having known that I'm having difficulty in coping up with the payment of RM1690 monthly to AKPK?? please advise. Thank you in advance. /Sleepless night-peter538
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answered on Feb 4, 2010 at 17:22
by   notalawyer
Once you become bankrupt, your monthly payment to JIM would depend on your income and necessary expenses.
If your income is 5k and your necessary expenses is 4k, then you would be required by JIM to pay 1k every month.
Which expense is necessary would depend on your discussions with the OA.
If you have no income, then you don't need to pay any monthly payments.
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answered on Feb 10, 2010 at 01:49
by   Anonymous
Thanks Firefly, for the kind advice on the payment. Do you roughly know the structure & quantum of expenses allowable by JIM (before paying JIM) or is it we compose for them and justify to convince them? Cause I would like to still save RM300 at least for rainy days & children education. I don't whether they will also take this away. Will they take away my car too as I use daily for work and traveling around for work area. My car is iswara 1999 model current market price at about RM8K. /Sleepless night-Peter538.
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answered on Feb 10, 2010 at 03:04
by   notalawyer
You will be allowed to keep the car if the value is RM 5k and below.
Just tell them the car value is 5k.

You can offer to pay RM 100 per month, they actually can't force you.
A lot of people stop paying anything after a months.  Nobody has gone to jail yet.
They are more understanding than you may think.
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answered on Feb 10, 2010 at 17:55
by   Anonymous
Thanks Bro / Sis, (Firefly/VKPC/Notalawyer)
I'm working and preparing all the necessary data and step now, and with the sound advice from you good guys, I will be able to judge the best move. I will keep all a###### at the time of the action. By the way Bro, I was looking for the article in your previous pages for the "Representing your 1st day at court", which you indicated there is. I don't seems to find it. Has it been removed from this webpage forum? I appreciate to have that as I do not want to say the wrong thing in court & mess up the whole matter. Don't mind could I have it once again. Sorry to trouble good fella.

THANKS TO YOU BROTHER & SISTER. GOD BLESS YOU. WISH YOU "GONG XI FA CAI" MANY MANY GOOD LUCK & PROSPERITY TO YOU GUYS. AS FOR ME I HOPE MY DECISION TO BACKRUPT WILL SOMEWHAT AT LEAST BETTER. /Sleepless night, Peter538
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answered on Feb 10, 2010 at 18:02
by   Anonymous
Hi i don't why this thing come out on my tread reply just now. i.e. a#####. I did not think or mean any badwords here. It mean to be read as "a.b.r.e.a.s.t". synonym as "inform all". I have to write in letter by letter so that it does not come out deform again as badword marking. Please don't get me wrong. Cheers. /Sleepless night, Peter538
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answered on Feb 10, 2010 at 20:05
by   notalawyer
Get this book from MPH bookstore.

How to Represent Yourself in Court to Fight Banks
ISBN Number: 978-967-320-447-2
Pelican Publishing  www.pelican.com.my  Tel:03-56333000

If they no stock, you can place an order.
Good Luck and keep us informed.
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answered on Feb 11, 2010 at 16:18
by   Anonymous
Thanks, Bro / Sister,

I will get that book & keep you guys update when the actions comes.

Best wishes again.
Cheers. /Sleepless night-Peter538
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