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Bankruptcy and EPF Withdrawal: Education for Children

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asked on Jun 20, 2017 at 03:54
by   Stress24
edited on Aug 6, 2017 at 07:54
 
I am a single mother with 2 daughters, aged 13 and 14 years old. I am 51 years old and would like to withdraw my Employees Provident Fund (EPF). But not able since I am a bankrupt. And I am worried if anything happens to me. My kids will be left without anything. I have been declared bankrupt since 2009. I have been with Jabatan Insolvensi Malaysia (JIM) since 2009. Please assist.
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3 Answers

answered on Jun 20, 2017 at 04:07
by   jeff005
edited Aug 6, 2017 at 07:56
 
1. You can withdraw 30% at age 50.
2. You should have make nominees to your EPF.
3. Get letter from Jabatan Insolvensi Malaysia (JIM) to get your EPF.
4. You can make an application for bankruptcy discharge after 5 years of case management with Jabatan Insolvensi Malaysia (JIM).
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answered on Jun 20, 2017 at 11:12
by   Stress24
edited Aug 6, 2017 at 07:57
 
Thanks Jeff.

Will Jabatan Insolvensi Malaysia (JIM) take a portion of my withdrawal?
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answered on Jun 20, 2017 at 11:46
by   vkpc
edited Aug 6, 2017 at 07:58
 
Will Jabatan Insolvensi Malaysia (JIM) take a portion of my withdrawal?
Yes they will.

If you do not want JIM to take a portion of your EPF, and you have an active bank account, you can withdraw your EPF into the bank account without any letter from Jabatan Insolvensi Malaysia (JIM).

Alternatively, you can wait until you are 55 to withdraw fully.
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