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How to discharge from Bankruptcy with no funds left at all?

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asked on Feb 25, 2017 at 06:19
by   Steadfox25
edited on Feb 27, 2017 at 05:44
 
I'm 39 years old with bankruptcy status filed by Affin bank on credit card debt, now proceeding to settle the debt one time off. One bank is filing, will other bank like CIMB seize the asset that I own?

1. Still have a housing loan with CIMB, as I know I need a discharge before unfreeze the loan account, is there a way I can request to pay loan while waiting for discharge?

2. My immediate question is how do I get discharge after fully paid off debt including fee to Insolvency? I have no pennies left to pay anything else.

Please help! It's been 4 months I didn't pay the loan which is RM230/month and CIMB issued a letter if demand asking full settlement as they know I'm bankrupt which was filed on 24.10.2016 by court order. 
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answered on Feb 25, 2017 at 12:15
by   vkpc
edited Feb 27, 2017 at 05:44
 
1. Still have a housing loan with CIMB, as I know I need a discharge before unfreeze the loan account, is there a way I can request to pay loan while waiting for discharge?

Your CIMB housing loan is recalled not frozen.
It will not be un-freezed even if you get a discharge tomorrow.

If you still want to keep the house, the best way may be to ask a relative to bid for the house at the auction by CIMB.
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answered on Feb 25, 2017 at 15:17
by   Steadfox25
edited Feb 27, 2017 at 06:53
 
Thanks @vkpc 

Please guide me on how to discharge, I have limited funds to get a lawyer, how much is the estimated cost for lawyer and how long it take?

2. I am thinking to use my EPF Account 2 by installment, will it be possible?
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answered on Feb 25, 2017 at 15:34
by   Maimunah
edited Feb 27, 2017 at 06:55
 
Yours is to apply without funds for full settlement.
Estimated lawyers fees is RM 5,000 upfront with no guarantee of successful application.
The decision is on the onus of DGI.

2. I am thinking to use my EPF Account 2 by installment, will it be possible?
Hahaha, another one who does not even bother to check online the conditions of EPF withdrawals. EPF might as well close down their website.
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answered on Feb 25, 2017 at 15:52
by   Steadfox25
edited Feb 27, 2017 at 06:56
 
Thanks @Maimunah

I'm too panic and missed out the point.

Once I know I'm bankrupt, immediately I went to Malaysia Department of Insolvency (MDI), got all the paper work done and asked for reduction from Affin Bank at the same time, negotiation was to settle with RM32,000 one off. I agreed because I have a property (which my mum is staying) but still under loan (which is balance of RM24,000) with monthly installment of RM230 per month.

I want to keep the house for my mum sake, I did contact CIMB and the officer said I need to get the account un-freezed to continue paying the loan. 

At this time, I already paid in full to MDI, my next step is to get a discharged. 

Then go to CIMB and commit to pay the loan by EPF instalment. I think that way, not sure if it works?
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answered on Feb 25, 2017 at 15:54
by   vkpc
How much you owe Affin Bank and how much you plan to pay them to get a discharge?
Are you sure you want to get a discharge?
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answered on Feb 25, 2017 at 16:01
by   Steadfox25
edited Feb 27, 2017 at 06:57
 
Owe RM84,000 and able to reduce to RM32,000.
Yes. I need to, my mum is 75 year old now and can't auction (lelong) the house. 
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answered on Feb 25, 2017 at 16:03
by   FireFox
Oohh...

Yes.. discharged from the books of AFFIN Bank after they have discounted.

Still a bankrupt in the books of CIMB. What about other banks? Other creditors like Astro, TNB, TM?
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answered on Feb 25, 2017 at 16:10
by   Steadfox25
edited Feb 27, 2017 at 07:23
 
Only Affin filed, nothing else. CIMB didn't file but due to my 'bankrupt' status. My loan account is frozen. I only realise my case when the account is frozen and referred to the Insolvency on 26.10.2016

That's why I am in a situation that I must be discharged in order to continue paying to CIMB housing loan, not sure if this is the correct path?
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answered on Feb 25, 2017 at 16:11
by   jeff005
edited Feb 25, 2017 at 16:14
by   jeff005
Owe  84,000 and able to reduce to 32,000  
How much is JIM charging you to complete the discharge?
13% based on total POD filed of 84K or on agreed amount of 32K?
or on the "discount" given on 50K?

Need info help from you as another bankrupted friend is thinking to apply for a discharge after 2 years under the 5 years Case Management. Thank you in advance..
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answered on Feb 25, 2017 at 16:22
by   jeff005
Only Affin filed, nothing else
You did not declare you have a property and a housing loan in the Statement of Affairs (SOA) filed under Oaths, submitted to JIM?

If you did not declare, they are flaws in your filings of SOA.

Wait see what the DGI answer you and CIMB.
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