Need advice on how to solve this matter without bankruptcy.
The car in question is purchased under my younger brother's Enterprise company name in Jan 2013. Monthly Payment was on track before August 2016.
I was out of work in July 2016 under LIFO company policy after 6 months of working as the company was downsizing. Now is mainly an online seller (facebook mainly) and I have failed to secure any job after several interviews. I can't pay the car installment but was too reluctant to return the car as the lelong value will be very low and still have to pay the balance later, I have ask sometime from the bank to sell the car around end of february but still not sold yet. now the bank has advertised a bankruptcy notice in the newspaper to bankrupt my brother.
My Brother business too is failing due to multiple reasons and he too is having difficulty with income as of now. he cant pay the bank to stop bankrupcy. He now is too broken down when he saw the notice in the paper (5/5/2017). another problem after another. i felt that I have really caused a huge trouble to him on top of what he is dealing with right now, the way he talk to me after the anger was almost like he is already giving up on everything. i'm really afraid that he would do stupid things. he has 2 little daughters in sekolah rendah and are currently really struggling to stay affloat.
I have contacted the bank and was adviced that the total settlement sum is RM61000 not inclusive of the bankruptcy withdrawal fees which will be adviced once full payment is made. I ask if i should deal with the court or insolvensi, the bank officer said no, not yet, that I still can deal with the bank and pay a minimum amount of RM6680 now. right now we dont have the money yet. I dont know where to borrow money right now but i'll find a way somehow.
The question is,
1. I have read several thread in this site on bankruptcy and the info i got from the bank officer seems contradicting. based on the notice, there seems to be a case filed at shah alam high court. should i deal with the court or should i just deal with the bank as the officer said?
2. since the bankruptcy notice is out. should i go ahead and return the car? will the bankruptcy process continue if i return the car?
Please help as i need to solve this somehow. i dont know any way to help my brother right now.
photo of the notice:
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