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Finally discharged from bankruptcy! Thank you everybody for advice

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asked on May 1, 2016 at 06:07
by   Lindane
edited on May 23, 2016 at 09:31
 
After almost 10 years of being a bankrupt, I am now free!

I would like to say A BIG THANK YOU for all the help I gained from reading the pages here. Although I never posted a question before, as a silent reader, I would diligently read and picked up valuable information in almost every post. 

I used the sample letter provided by Pening to ask for a discount from the banks. It worked great as the banks responded with big discounts for me allowing me to make full settlement via Jabatan Insolvensi Malaysia (JIM). I wish I have taken notes on whose advice I used to help me throughout the years, but the name Jeff seems to be the only one I can think of now. The rest of you whose name I can't remember, thank you too.

A brief recap of my bankrupt years:
2006 - declared bankrupt by MBf Finance for cc nonpayment but did not realise it until one of my bank accounts was closed. Fortunately, salary account then was still okay so continued as usual.

2012 - finally surrendered to Jabatan Insolvensi because I was starting job at a new place and needed to open an account for salary. Also started making monthly payments to Jabatan Insolvensi via standing instructions (condition was set by Jabatan Insolvensi for permission to open account).

2015 - began negotiations with banks who submitted their claims to Jabatan Insolvensi (only 3 - I declared more but the others didn't submit)

2016 - managed to get the funds to pay all 3 banks + JIM fees. After reading posts from Mahen, Rayna & Freeman, I decided to find a lawyer to do my discharge. Attended the hearing and heard the most beautiful words "the annulment application is approved".

I have not checked my CCRIS and CTOS reports yet, but I have checked the immigration website and my status already says "TIADA HALANGAN." No plans to go overseas yet, but it's good to know now I can.

Through the posts I read here, I was more accepting of my status as a bankrupt then. I was lucky to still be able to work and earn a regular salary. I didn't have any assets in my name except for an old car which was fully-paid. Jabatan Insolvensi lets me use the car up till today.

I did ask my lawyer what about the other banks that I owe money to but did not submit their claims to Jabatan Insolvensi. According to him, based on the amount of time which had passed, he thinks that there is little chance it will resurface but if they do come back, I have a good chance fighting them. Let's hope he is right!

So, I guess what I am trying to say here is that it is NOT true that being a bankrupt is the end of the world. I discovered that the myth a bankrupt cannot work is not true. I worked all throughout my bankruptcy and though I grumbled about the amount I had to pay monthly, it led me to be able to make full settlement. I was lucky that my work do not require me to travel overseas so I did not face that problem.

Yes, my life did change when I was declared a bankrupt. I took vacations locally. I could not progress as much as I could have in my career because I was trying not to rock the boat too much. I took better care of my old car because I can't buy a new one on loan. And the biggest lesson I learned was how to manage my finances and to live within my salary.

To all of you still struggling with bankruptcy, please do not give up. I didn't think I could survive this 10 years ago, but I did. It's a wonderful feeling and I want you to experience it too.

P.S. I still pray that the auto discharge will be enforced soon because everybody deserves a 2nd chance.

P.P.S. To the Avengers, keep on fighting the good fight!
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answered on May 1, 2016 at 20:18
by   jeff005
edited Dec 27, 2016 at 09:57
 
Thank you very much for sharing. Wishing you the very Best in your Future Undertakings in Life.
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answered on May 3, 2016 at 16:50
by   soondischarged
edited May 23, 2016 at 09:33
 
@Lindane,

Which lawyer you use for your bankruptcy discharge? Don't mind sharing.
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answered on May 3, 2016 at 19:34
by   alimamak
edited May 23, 2016 at 09:38
 
@lindane

Can I ask you, before your bankruptcy discharge and during bankruptcy do you have any cash properties under the name of two parties? Did Jabatan Insolvensi Malaysia (JIM) sell them?  

Can we ask the Jabatan Insolvensi Malaysia (JIM) not to sell the properties?
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answered on May 3, 2016 at 22:40
by   divi
edited May 23, 2016 at 09:38
 
@Lindane

May I know what is the actual & discounted amount?
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answered on May 5, 2016 at 04:40
by   Lindane
edited May 23, 2016 at 09:40
 
@soondischarged

Actually I just googled for legal companies and started calling and asking for their rates. Finally settled for one who was very helpful even on the phone and was within my limited budget. 

P.S. If I can figure out how to work the private message, you can pm me for the name.
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answered on May 5, 2016 at 04:50
by   Lindane
@alimamak

When I was made a bankrupt, I only have a fully paid car as my asset. I managed to keep the car with insolvensi's consent. No other assets, except for a bank account with a few hundred ringgit which insolvensi closed and took. 

However, I do know of case where the bankrupt has a car still on loan and insolvensi said if the bank don't mind, the bankrupt can still service the loan and keep the car. The bankrupt however decided to sell the car because can't afford the monthly installment anymore.

On joint accounts, although I emptied out my joint account, the account itself was never closed until today.

Hope that helps.
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answered on May 5, 2016 at 05:03
by   Lindane
edited May 23, 2016 at 09:42
 
@divi

Total Proof of Debt (POD) was about RM70,000. Final settlement was about RM42,000 before Jabatan Insolvensi Malaysia (JIM) fees. 1 bank offered almost 50% discount!

My Official Assignee (OA) gave me the POD vs. actual balance (amount I actually used on the credit card), so I asked for a discount up to the actual balance, and I managed to get quite close, thanks to the sample letter I found here.
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answered on May 5, 2016 at 19:18
by   hassan
edited May 23, 2016 at 09:45
 
@lindane

How much JIM demand you to pay monthly?

Are they forcing you to pay certain amount? 

How they calculate your monthly payment compared with your earnings?

How did you submit your expenditure to JIM?
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answered on May 6, 2016 at 02:20
by   Lindane
edited May 23, 2016 at 09:46
 
@Hassan

Jabatan Insolvensi Malaysia (JIM) took consideration of all my monthly expenses that I listed for them and somehow calculated that I would have to pay 10% of my gross salary via standing instructions from the account they allowed me to open for salary. The list of expenses you have to provide when you "open your account" with JIM. I did try to negotiate but they didn't budge. Like I said, I grumbled but in the hindsight I am glad I paid the amount because it really helped to reduce the outstanding balance when I was ready to make the full settlement within 4 years since I started paying.
 
They gave me a letter to give to the bank with details of how much and where to send the 10%. You would need to provide JIM details of which bank and branch you want to open the account that's all. After that, just watch the money go every month 😢
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answered on May 6, 2016 at 03:40
by   alimamak
edited May 23, 2016 at 09:48
 
@lindane

Thanks for your answer...

How if we do own business before bankrupt? Does it mean I must find new job once I am a bankrupt?
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