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Heading to bankruptcy

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asked on Jun 17, 2017 at 20:45
by   tam222
edited on Jul 4, 2017 at 08:19
 
My name is Tam, 50 years old, and I'm currently servicing my loan through Agensi Kaunseling & Pengurusan Kredit (AKPK) and it's already 4 years. My first 2 years with AKPK, I'm paying monthly about RM5,600 and after 2 year increased to RM7,300. I'm owner of a transport company and the sole proprietor. I own about 4 box refrigerated lorries and mostly sending food stuff for customers. 3 lorries are still paying installment to bank but if sell off still can get some money back after settle with bank.

The last 1 year business has been real bad and I encounter cash flow problem. I sincerely wanted to pay off my loans with AKPK but under current circumstances I'm finding myself getting loan from friend and relative to top up my money in order to pay AKPK. My debt from borrowing from them is getting bigger by the day and I don't know how long I can keep on borrowing to pay my monthly for AKPK. 

End of this month if I don't pay AKPK, it will be two month that I forfeited my obligation to them and most properly they will terminate my account.

I have been thinking that I cannot manage to keep on this way and it's been stressful on me and my family. I live with my wife, daughter and mother. The house is under my wife's name. After thinking hard the only solution is make myself a bankruptcy.   

I hope someone can guide me through my journey into bankruptcy. And my question are:

1.  If the house under my wife's name, is it secure from bank and Jabatan Insolvensi Malaysia (JIM) if I'm bankrupt?
2.  How long is it for bank to make me bankrupt if end of this month I can't pay AKPK?
3. I need 4- 5 months to sell of my lorries to pay of my loan to friend and relative, will there be enough time for me to do so before bank take action against me?
4. I have a car market value around 35k paid up from bank, can I transfer it to my relative before bankrupt as I need car to work in future?
5. If I initiate and apply bankruptcy myself, how long does it take?
6. Can I work as Uber or Grab driver after I become bankrupt? How about my saving account for my job as driver?

I really hope I can start all over again and be more alert with my surrounding but with the predicament that I'm in it's just too late to regret now. 

Hope someone can enlighten me regarding the above and any feedback whether negative or positive will be much appreciated. Thank you.
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7 Answers

answered on Jun 19, 2017 at 01:45
by   kiki
1.  If the house under my wife's name, is it secure from bank and JIM if i'm bankrupt? 

How long ago has the house been in your wife's name? 

2.  How long is it for bank to make me bankrupt if end of this month I can't pay AKPK?

It can be 6 to 9 months or 12 months or longer. It depends on when the bank starts to take action and how fast their lawyer works.

3. I need 4- 5 months to sell of my lorries to pay of my loan to friend and relative, will there be enough time for me to do so before bank take action againts me? 

Quite sufficient time i think..

4. I have a car market value around 35k paid up from bank, can i transfer it to my relative before bankrupt as I need car to work in future?

Transfer it by way of selling  it fast..

5. If I initiate and apply bankruptcy myself, how long does it take? 

Self bankrupcy by filing Debtors Petition? If you are ready to be a bankrupt, let them do it. You just wait. Cost down on your cashflow.

6. Can I work as Uber or Grab driver after I become bankrupt? How about my saving account for my job as driver?

Check it out with Uber on the Terms n Condition. But if you a bankrupt your account will be freeze by JIM.
If you report to them once you become a bankrupt, they may allow you to work and open an account for salary bank-in.
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answered on Jun 19, 2017 at 17:06
by   tam222
Dear KiKi, thank you for your effort to answer my question.
1. How long ago has the house been in your wife's name?  
The house she bought 4 years ago and through sub-sale. Not transfer over from me. Will there be a problem?
2. Self bankrupcy by filing Debtors Petition? If you are ready to be a bankrupt, let them do it. You just wait. Cost down on your cashflow. 
What you mean by cost down on my cashflow? The reason I want to self filing is because I don't want myself or family to be harassed by those debt collectors before the bank make me a bankrupt. This way I think will be much speedier. 
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answered on Jun 19, 2017 at 18:04
by   vkpc
The house she bought 4 years ago and through sub-sale. Not transfer over from me. Will there be a problem? 
No problem.  Wife, children, brothers, sisters, parents and cousins all not affected.

What you mean by cost down on my cashflow?
It means save you some money.  Lawyer fee to do a Debtor's Petition may cost about RM 20k.

The reason I want to self filing is because I don't want myself or family to be harassed by those debt collectors before the bank make me a bankrupt.
The truth and reality is debt collectors will still disturb and harass bankrupts.
Just hang up on them.
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answered on Jun 20, 2017 at 01:07
by   tam222
Hi vkpc, thanks so much for your answer. 

No problem.  Wife, children, brothers, sisters, parents and cousins all not affected. 
Phew...that's is really nice to hear.

It means save you some money.  Lawyer fee to do a Debtor's Petition may cost about RM 20k. 
What if I do it myself, it's easy to file it myself?

The truth and reality is debt collectors will still disturb and harass bankrupts. 
Just hang up on them.

Oh no, what I'm going to do with those bloodsucker? This part is really sad, if they harass me I can still accept but if they come to harass my family I don't know what I'm going to do to them. Just wait and see la.
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answered on Jun 20, 2017 at 06:25
by   kiki
What if I do it myself, it's easy to file it myself? 
It is not so easy..
Even if you file by your own it still require you to fork out cash from your pocket for more than RM5K comparing to just let them bankrupt you at minimum court cost which will then be added up to your existing debt. 

This part is really sad, if they harass me I can still accept but if they come to harass my family I don't know what I'm going to do to them.
Bank debt collector is not like Ah Long which all us know... Once you are bankrupted just tell them that you are already bankrupted or just hang up on them.
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answered on Jun 22, 2017 at 15:53
by   tam222
Thank you to both kiki and vkpc for your effort to answer my question. I will proceed to sell off my asset first and clear my debt to friends and relatives. 
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answered on Jul 2, 2017 at 03:50
by   jefflim
edited Jul 4, 2017 at 08:31
 
Bank debt collector is not like Ah Long which all us know... Once you are bankrupted just tell them that you are already bankrupted or just hang up on them.

You mean they won't come to the house and physically harass you? Only through phone?

What is the amount we are talking about?  How many banks?

Has the bankruptcy law to increase the minimum debt amount from RM30,000 to RM50,000 been implemented?

Have they ask you to go to KL High Court?

If declared a bankrupt, and I earn only RM3,000 but my total debt is RM250,000 JIM will deduct all the RM3,000?  Then I'm left with nothing to even eat. How does it work?
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