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Bankruptcy as in LTSVP for Spouse

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asked on Jun 11, 2017 at 20:58
by   cks374036
edited on Jun 19, 2017 at 11:44
 
I need to know that I am a Malaysian and my wife is an Indonesia, we married for 3 years and my wife is holding a long term pass staying with me in Malaysia.  Now, If I am going to Bankrupt due to non paying of debts and I need to know whether my wife can still get the long term pass and stay with me in Malaysia or have to go back to Indonesia ? How my wife can continue staying with me in Malaysia even I am a bankruptcy ?
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answered on Jun 11, 2017 at 21:41
by   jeff005
edited Jun 11, 2017 at 23:50
by   jeff005
@cks
1. When do you think you can be bankrupted?
2. What total amount owing to all creditors?
3.  Have you received any notices to attend court?
4. When is yr wife LTSVP expiring?
5.. Are you in gainful employment?

Bankruptcy does not affect the wife. But in yr case there is a LTSVP to apply. Once bankrupted you will be blacklist in Immigration.  If you plan carefully there should be no issue to extension of another LTSVP. Answer the above Qs first.
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answered on Jun 12, 2017 at 01:24
by   cks374036
Dear jeff005,

Thank you for your reply.

1. When do you think you can be bankrupted? comming soon
2. What total amount owing to all creditors? RM 250k++
3.  Have you received any notices to attend court? No received yet, just waiting  notice coming soon.
4. When is yr wife LTSVP expiring? this year 30/11/2017
5.. Are you in gainful employment?  I doing my food stall myself

If  the creditors sue me bankrupt one day, I   will be blacklist in Immigration as u mention, so how is my wife, she can still apply for LTSVP and continue stay in malaysia or visit pass or other way, so she can continue stay in Malaysia with me, or have to back to their own country forever.  How about my child, only age 1 only, hope u can advise me what to do now so my wife can continue stay in Malaysia even in am bankrupt. thanks.
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answered on Jun 12, 2017 at 03:47
by   jeff005
@ cks

Personal Views/suggestions (non legal)
Part 1

1. You have to fight all impeding lawsuits to delay. If you can afford, get a lawyer. If you cannot afford, seek the help of The Avengers Malaysia for help to Self Represent in those court lawsuits. 

2. The main reason is to pass the two more years for the application of PR for your wife.

3. From now onwards, bank in all your daily takings every alternate day from your hawker business into a Joint Savings Acc with your wife, with your name as second name. I will give the reasons in part 2.

This would only work based on the following assumptions..
4. Your marriage is both registered in the two countries.

5. Your child has gotten the MyKid.

6. Update all your creditors your contactable or correspondence address to receive any lawsuits. It may take up to 2 years to reach bkcy level. So have to fight to delay further.

7. Most important, renew all LTSVP at least 2 months before expiry date. Never allow yr wife to overstay even one day.

No worry, if a bankrupt can prove there is income from gainful employment / self employment, the spouse can continue to be in Malaysia. Extend LTSVP plus application for PR.
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answered on Jun 12, 2017 at 11:42
by   cks374036
edited Jun 12, 2017 at 11:49
by   cks374036
Dear JEff005,

Thank you very much for your reply.

Even i being bankrupt in one day, as long as I have gainful  business income, my wife still can stay in Malaysia and extend LTSVP as usual as rite? But i can't understand that what is the purpose that I should open a joint account with my wife ? Is it possible that  the creditors would take my saving even I open joint name with my wife ? Thanks.
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answered on Jun 13, 2017 at 01:50
by   jeff005
edited Jun 13, 2017 at 02:15
by   jeff005
@ cks

Personal views/suggestions
Part 2

8. Opening of joint acc serves 2 purposes
a) in the event of being made a Judgement Debtor, the Judgement Creditor is unlikely to apply for a Garnishee Order to take the money from the bank acc.

b) Even if they want to the most they can get is 50pc of the amount. Do not open joint savings acc with any bank you owe moneys.

Be smart, when if there is a successful lawsuit from creditors, leave little moneys inside, say rm1k below. Play with this acc as a source of income from yr self employment. This is the proof that you need that you can sponsor yr wife for the LTSVP.. 

In the event of being bankrupted, you have to report in to JIM to go thru the 5 or 3 yrs case management. Once reported in, apply to reactivate this savings acc. From then onwards no creditors can touch it.

9. The apartment and house, you should not transfer it to your wife or father in law. More so they are foreigners. Under bkcy laws, any transfers of property can be clawed back within 5 years of transfer. There are other modes of treating this issue. Easy one is to refinance these 2 properties to the max while your creditable value is still there. Hide the moneys. If bankrupted, it makes it hard for creditors to take this properties. Pay instalments on time, just like rental. After 5 or 3 years good case management with JIM apply for bkcy discharge. If there is a successful discharge and the properties are not auction off due to good loan repayment, the properties are back yours again.
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answered on Jun 13, 2017 at 02:29
by   jeff005
10. The retail shop property loan, if cannot maintain, let go, cut losses if you feel that you cannot escape bankruptcy.

11. Your wife LTSVP.. There are other ways of getting it but tedious and chances is slim. The best is your self employment income with PROOF.

12. Feel free to ask if u hv any more Qs. M tired, had a hard day.. chat tmrw.. goodnite..
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answered on Jun 13, 2017 at 11:43
by   cks374036
edited Jun 13, 2017 at 11:50
by   cks374036
Dear Jeff005, 

Thank you very much for your prompt reply, have a good day. Need to know my house staying now is inherit ( mother transfer to me and my brother, 1/2 share each ), this house will taken over by creditor or not, it something happen to me. thanks.
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answered on Jun 13, 2017 at 12:26
by   jeff005
If it is a fully paid property, yes, JIM may take 50pc. Your brother will be allowed to over the house by paying 50pc of the market value to your estate in JIM. If your brother refuses, then JIM lelong and pay your brother 50pc of lelong value. Lelong value can be anything from 40-70pc of market value.
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answered on Jun 13, 2017 at 16:46
by   cks374036
edited Jun 13, 2017 at 17:14
by   cks374036
Dear Jeff005, 

Thank you again for your prompt reply. 

FYI, for my retail shop, the developer keep billing me huge penalty for non open shop every day and the debts with developer keep increasing and increasing,even they get ganster for chasing me. I can't get a tenant due to recent economic going down, as I have own food stall myself, I unable to left my stall business and  to open the retail shop which non  income generate. How should I do for stopping the management to keep increasing the huge penalty and the debts ? I i even has discussing with the management but they continue keeping billing and increasing the debts( may be they can get more after I  bankrupt ? Sorry, I know this topic is not under this section.
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answered on Jun 14, 2017 at 02:12
by   jeff005
edited Jun 14, 2017 at 02:31
by   jeff005
@ cks

If you cannot rent or utilised it there is nothing much you can do. Let them billed, you cannot stop them. Even if they bring you to court, they may not.get the amount they wanted. Who knows, they may go bankrupt earlier than you. Worry more about your bkcy, apartment and yr wife's LTSVP.

For yr case it is all right to post here as this rm500 per day will contribute to yr bkcy as well as may affect your wife's LTSVP. 

It is very difficult to comment on commercial retail properties. A lot depends on  what was stated in the contract. How well the complex management team promotes the place.

Conversely if they sue you, you may counter sue that there is a breach of contract on their part first as they have not paid the 3rd year rental to you.

Keep all your contract agreements and documentations properly in the event of a lawsuit. Even if they sue you up to bkcy, they may get nothing back. They would have to spend lots of monies, even up to 20k for bkcy stage. If you fight, they will cry mother and father over their own advanced lawyers fees.
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