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Bankrupt with no means of settling debts

441 Views  ⚫  Asked 1 Year Ago
asked on Mar 17, 2017 at 03:10
by   Born Loser
Sirs,

My cousin incurred Credit card debts (4 banks) and HP (2 - MBF & Courts mammoth) debts from 1996 to 1998.  Courts Mammoth already reclaimed the items. Since then running like a fugitive from creditors.  From all the posts here on Lawyerment, for sure she will be declared bankrupt soon if not already. 

We are not able to help her financially and she has no husband or children either,  I want to know the following : 

a. She cant work any longer - over 50 plus going blind.  If JIM bankrupts her,  is she going to be arrested ?

b. What happens to a bankrupt that cannot settle their debts ?

c. She has some EPF but below 20k.

Really hope that someone can shed light on this matter. 
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1 Answers

answered on Mar 17, 2017 at 03:21
by   jeff005
edited Mar 17, 2017 at 03:22
by   jeff005
 From all the posts here on Lawyerment, for sure she will be declared bankrupt soon if not already.
Wrong.. you may have interpreted wrongly

from 1996 to 1998. 
If there has been no lawsuit before, it has exceeded the 6 years limitation period.
The bank cannot sue already.

She cant work any longer - over 50 plus going blind
She is a diabetic?

If JIM bankrupts her,  is she going to be arrested ? 
JIM do not bankrupt ppl. Only the High Court can when a Judgement Creditor (Bank) files for bkcy.
Nobody can be jailed for unpaid legal debts.

What happens to a bankrupt that cannot settle their debts ? 
Remains a bankrupt

She has some EPF but below 20k. 
Has she got a bank account? Go and withdraw.

Wow... another ignorant runner like me..!! Kesian..
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