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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