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 Dec 14, 2016 at 05:21
by   happyforyou
edited Sep 15, 2017 at 10:07
@ Lindane,

Your post here does make a lot of us felt better, breath longer and sleep tighter. You are the most relaxed and confident ex-bankrupt I've come across. And you still managed to be a Manager.  

Here's wishing all the best in your future undertakings. God Bless...
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answered on Dec 14, 2016 at 15:20
by   bolongngenge
edited Sep 15, 2017 at 10:06
Bravo and kudos to all the masters. Giving me a new hope!

I was a silent reader too as I wanted to prepare myself too in future. Life does sound scary.. it was like waking up and been knocked down hard in the head.
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answered on Dec 22, 2016 at 07:14
by   Lindane
Dear @happyforyou & @bolongngenge,

Thank you for your kind words. I hope that I can help and offer some comfort to those facing bankruptcy currently. 

I remember being very afraid, like my life has ended when I found out I was a bankrupt. I did not want others to feel the same way. This forum gave me the knowledge about bankruptcy and knowledge is truly empowering. 

Hope that you will be blessed with an abundance of good things in your life!
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answered on Dec 22, 2016 at 14:23
by   Zabble
edited Sep 15, 2017 at 10:04

Just want to ask, how do you manage to secure a new job? I thought when bankrupt, it is not easy to take a new job? Which sector you work? 
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answered on Dec 23, 2016 at 17:27
by   Lindane
edited Sep 15, 2017 at 10:04
Hi @zabble,

When I was declared bankrupt, I was in an engineering company. I didn't declare it to my employer and my bank account was miraculously not closed, so I just kept working. I have not surrendered to Jabatan Insolvensi Malaysia (JIM) too during my employment here.

A few years later I applied to a company in the service sector and was accepted. Another miracle happened because when they did the credit check they found that I only have bad credit but nothing on bankruptcy! 

I took that as a sign that I should deal with my bankruptcy so I went straight to JIM and surrendered. The rest is history. 😉

There are sectors that bankrupts cannot work in by law such as finance and other "sensitive" sectors. However, I do know of a few bankrupts who are in these sectors. A few was declared bankrupt after they started working there so they just kept quiet. One fellow received permission from the company's top management to work there despite being a bankrupt. So anything is possible! 

One of the reasons I posted my experience here is so that people can see that bankrupts CAN work. In fact JIM encourages bankrupts to work so that they can pay off their debts. In JIM office I met so many people who work with regular salaries, goes overseas for work, in regular employment. Yes it is not so easy for us compared to the non-bankrupts, but it is not impossible.
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answered on May 5, 2017 at 22:13
by   Punky
How much is the insolvency fee?
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answered on May 11, 2017 at 14:49
by   hilmidris

Praise the Lord for your settlement.

Could you please share with us the lawyer firm who took up your case in court? I would like to engage them to handle my current case. Please share for the benefit of those in need.

Thank you and well done!
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answered on May 11, 2017 at 19:21
by   jeff005
edited Sep 15, 2017 at 10:01
I would like to engage them to handle my current case
What are you asking about? What current case? The case you have posted is that you were chased by bill collectors. Do not confuse readers with bankruptcy settlement and bill collectors settlement.

Your post:
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answered on May 12, 2017 at 05:02
by   Sunflower
edited Sep 15, 2017 at 09:59
Hi Lindane, 

Are you able to share which law firm? 
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answered on May 21, 2017 at 06:36
by   Lindane
edited Sep 15, 2017 at 10:03
Sorry for late response.

Dear @Punky,

The insolvency fee was about 12% (I think) of total payment to all creditors who submitted their Proof of Debts. For example, if you owe 2 banks RM50,000 each (after negotiation), then your total payment to Jabatan Insolvensi Malaysia (JIM) will be RM112,000 minus whatever monies you have paid to JIM before.

Dear @Hilmidris & @Sunflower,

I am not comfortable in disclosing the law firm name here for reasons of anonymity. Sorry.

There are many law firms that deal with bankruptcy. I just googled and called those near my home and chose one whom I was most comfortable with and within my budget. You will need to make a few trips to the lawyer's office to submit & sign documents so you might want to choose one that is easily accessible to you. My lawyer was right for me but he/she may not be the one for you. 

I was not confident enough to make the necessary documents and file them at court, so I decided to use a lawyer for my discharge. Many people have done it on their own and avoid the lawyer fees. 

I hope you guys / gals will find the right lawyer for you.
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