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I was declared as bankrupt without notice while overseas. What should I do next?

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asked on Apr 20, 2016 at 16:39
by   fsy80
edited on Apr 25, 2016 at 19:00
 
I just came to know I has been declared as bankrupt when I received email from CTOS regarding monitoring notification yesterday!

Here is the information shown on the CTOS email:
Type of action: Bankruptcy-Adjudication Order
Case No: 29ncc-****-07-2015
Source: Strait Times 15-09-2015


I was away from Malaysia since year 2014, but I have outstanding debts about RM42K with bank since 2011. I did not received any letters/ notices and also not attend the court (as I not aware due to overseas & also my Malaysia old address has been no longer since 2014.)

I also not holding any properties / assets in Malaysia.

I am working and living overseas now & also did not go back to Malaysia since 2014 so that the reason I was not aware about the notices.

I need your kind help/advise:

1) What should I do next as I have done all the following:
- I have check Malaysia immigration travel blacklist - Tiada Halangan as at today
- I have check my case number (as shown on CTOS) via Kausa Negeri  - unable to search the case number & result. Is there any other ways to check the case number?
- e-insolvensi - unable to request my information as I don't have Malaysia internet banking.

2) How to extract all the court files since I am overseas now?

3) As I did not attend to court and also report to Jabatan Insolvensi Malaysia (JIM), am I confirm as a bankrupt already as per the CTOS information shown above?

4) Will it affect my work permit renewal? I am now working in Singapore.

5) Also will it affect my Malaysia passport renewal? Expire 2019.

6) Please advise can I go back to Malaysia to settle it? or just set aside due to in overseas now & also not receive any letter/ notices?

7) What is the next course of action my creditors will take if according to the current status - Bankruptcy-Adjudication Order?

Really appreciate if  you all able to advise me.
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answered on Apr 20, 2016 at 17:47
by   fsy80
edited Apr 25, 2016 at 19:04
 
Finally I am able to search my case number via Kausa Negeri:

Heard Before
Status
Schedule Date
Venue
Application & Encl
Tuan Mohamad Xxxxxx bin Mohd Nasir
File Closed
1 Dec 2015 9:00 AM
Bangunan Baru, Tingkat 1
Petisyen Pemiutang (Bankrapsi)(B)(13)
Tuan Mohamad Xxxxxx bin Mohd Nasir
File Closed
8 Dec 2015 9:00 AM
Bangunan Baru, Tingkat 1
Saman Dalam Kamar (Ex Parte)(Bankrapsi)(B)(15)

May I know what is the status now? I am really don't know what to do, please help. Thanks.
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answered on Apr 20, 2016 at 20:15
by   jeff005
Suggestion

1/ Report in to JIM

2/ Make an application to continue to work in your overseas place.

3/ If you are working in Singapore, even easier to make an application to JIM.
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answered on Apr 20, 2016 at 20:33
by   fsy80
edited Apr 25, 2016 at 19:07
 
Hi Jeff,

Thanks for your advise.

Would like to clarify:
3. If you are working in Singapore, even easier to make an application to JIM.
Sorry I am not clear about the above. Could you please clarify more. Thanks

And also does that mean I am confirmed a bankrupt based on my information given above?
If I choose to report JIM two years later, what is the worst will happen? Will it affect my work permit and passport renewal?

Honestly I am not ready to report to JIM now. I have not enough funds to pay back the debts at the moment.

Please let me have your opinion. Thanks.

I intend to stay here to earn more money the settle the debts.
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answered on Apr 20, 2016 at 23:45
by   jeff005
edited Apr 25, 2016 at 19:08
 
If you intend to come back to Malaysia in the future, then take leave and come back to report to JIM (if you are ready to do so).

The younger you are, the earlier you should report in to JIM so that it would not affect your career.
Age Threshold (personal opinion) is 35 years old. After age 45, coming back to Malaysia also hard to find a good job.
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answered on Apr 21, 2016 at 00:28
by   kiki
Status File Closed 

May I know what is the status now?

Confirmed. You are bankrupted. 

Jeff005 has forwarded a good option, try to consider his suggestion.
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answered on Apr 21, 2016 at 00:48
by   fsy80
edited Apr 25, 2016 at 19:13
 
Hi Jeff & Kiki,

Thanks both of you for the suggestion given to me, I will deeply consider it. 

Hi Jeff,

If you intend to come back to Malaysia in the future, then take leave and come back to report to JIM (if you are ready to do so).
My concern is if I really take leave and go back to report to JIM, they will need me to surrender my passport immediately and not allow me to travel overseas right? If yes, I will lost my job here.

If so, means I need to be prepared to settled my work life here then only I will go back to report to JIM.

Hi Kiki,

Confirmed. You are bankrupted.  
If in this case, are there any others way to appeal? Can I call the bank directly to settle?

Thanks.
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answered on Apr 21, 2016 at 05:38
by   kiki
edited Apr 25, 2016 at 19:16
 
If in this case, are there any others way to appeal? Can I call the bank directly to settle?

The bank is not much of a help once we are bankrupted.
The authority for everything now lies with JIM.

I have check Malaysia immigration travel blacklist - Tiada Halangan as at today

JIM letter to the Immigration Dept might be a little bit slow but it may soon reach them.

5) Also will it affect my Malaysia passport renewal? Expire 2019

Yes. But it is also renewable through JIM authority.

6) Please advise can I go back to Malaysia to settle it? or just set aside due to in overseas now & also not receive any letter/ notices?

Yes, you can comeback and deal with JIM. 
Browse all the questions raised in this forum as there are some who has gone through similar predicament as you are in now. It may help you to better judge and decide what is best advantage for you based on your current situation. 

'' A man is not finished when he is defeated. He is finished when he quits.''
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answered on Apr 21, 2016 at 14:54
by   fsy80
edited Apr 25, 2016 at 19:20
 
@ Kiki,

Really thanks for your advice pertaining to my doubts.
I will browse all.

Just have other concerns:

1) Will I be detained once I enter the Malaysian Immigration Department (if I has been blacklisted by JIM/immigration)?
2) Sorry I am a bit confused. JIM still will blacklist my name at Immigration even though I did not report to them? Restricted to travel overseas after report to JIM = Immigration travel blacklist?
3) If I go back to Malaysia but yet to report to JIM, does that mean I can still go overseas?
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answered on Apr 21, 2016 at 15:35
by   kiki
edited Apr 25, 2016 at 19:22
 
1) Will I be detained once I enter the Malaysian Immigration Department (if I has been blacklisted by JIM/immigration)?

No detention, you are not a criminal.

2) Sorry I am a bit confused. JIM still will blacklist my name at Immigration even though I did not report to them? Restricted to travel overseas after report to JIM = Immigration travel blacklist?

Yes, until your bankruptcy status is discharge.

3) If I go back to Malaysia but yet to report to JIM, does that mean I can still go overseas?

If you are back and if your status has reach the immigration Dept you may be bar from leaving the country regardless whether you have or have not reported to JIM.

Try to surf JIM website and read their FAQ about bankruptcy you get some info about their role.
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answered on Apr 21, 2016 at 16:24
by   jeff005
edited Apr 25, 2016 at 19:24
by   jeff005
@ fsy80

Once adjudged a bankrupt there will blacklisting to travel out of Malaysia.

There will be no issue coming back. There is no "detention". You will just walk through the Immigration Checkpoint safety. An alert officer may just inform you that you may not travel out of the country pending your reporting in to JIM. "Temporary detention" are for those who have expired passport or have run foul of immigration laws of other countries.

If you are already overseas now, you can go anywhere you want so long as you do not need to get approval from the Malaysian Embassy in any particular country. Only a few countries (esp Europe) may do Security and Financial (personal checks) on certain types of Visa Applications.

The nearby neighbors (Asean countries) usually do not give trouble. However, you have to very careful NOT to loose your existing VALID Passport.

Once adjudged a bankrupt, the estate of a bankrupt is administered by JIM. 
You can try to negotiate direct with the bank with the approval and knowledge of JIM.
Your bankruptcy is new, I doubt that the bank will give discounts (if any) at all.
Otherwise it defeats the main purpose of making you a bankrupt in the first place.

Other hidden issues are
1. Are there other credit card debts.
2. Are there other loans unpaid like H/P loans.
3. Other types of Creditors.
4. Personal taxes balances unsettled.

Personal Opinions
The most "safe" approach is for you to read and study bankruptcy laws. It can be done by just reading through the past 1 year of postings by many similar bankrupts like you.
Inter relate to your own circumstances, then find the best approach to deal with your own situation.

I am assuming you are born in 1980 and a young lady based on the way you write.
Males working overseas are more streetwise with immigration issues.
You have to find a balanced way on how to work peacefully overseas legally and is reporting in to JIM. After 5 years of case management with JIM you may then make an application for discharge from bankruptcy provided you have follow 100% of all the R & R as requested by JIM. You need not pay the FULL amount of ALL your debts. Just monthly payments to JIM within your means to repay the creditors you owe.

Unverified Info.
1/ Those who worked overseas may be paying in the region of 10-15% of your NETT overseas monthly income (with supporting documents). Business income is also an income.

2/ I have been updated by many bankrupts that is working overseas now that it is better to work or to do BUSINESS overseas while maintaining an account with JIM. Most of them is in the ages (35-45). They want to be discharged as a bankrupt when they come back to Malaysia in the future.
(The moral of the story is.. "Report in to JIM asap".)
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