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I'm being declared bankrupt for owing RM1 million 3 years ago. Can I pay off the debt now at a lower amount?

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asked on Sep 5, 2017 at 10:08
by   slayer
edited on Oct 10, 2017 at 08:19
 
I am being declared a bankrupt 3 years ago. Is it possible to pay off the debt at a lesser amount? Is the chance high? Is it better if I find a lawyer to help me with that?
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4 Answers

answered on Sep 5, 2017 at 12:28
by   jeff005
edited Oct 10, 2017 at 08:20
 
Is it possible to pay off the debt at a lesser amount?
Yes. Negotiate direct with bank.

Lawyer services is 'lebih'.

Pay thru Jabatan Insolvensi Malaysia (JIM)
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answered on Sep 7, 2017 at 02:26
by   kiki
edited Oct 10, 2017 at 08:23
 
Is it possible to pay off the debt at a lesser amount? Is the chance high? Is it better if I find a lawyer to help me with that?
Let's say Bank A, you owe RM100,000. You approach the bank and say you have RM80,000 for full debt settlement and to discharge from bankruptcy. If they accept, get official letter and pay thru Jabatan Insolvensi Malaysia.

If they don't agree, ask them the minimum amount they can accept.

Good Luck.
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answered on Sep 21, 2017 at 03:17
by   slayer
edited Oct 10, 2017 at 08:24
 
But I owe around 10 banks.... usually after paying the agreed amount, how long Jabatan Insolvensi Malaysia can release me? Thank you very much.
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answered on Sep 21, 2017 at 03:39
by   jeff005
edited Oct 10, 2017 at 08:27
 
how long Jabatan Insolvensi Malaysia can release me?
How long have you been bankrupted? Have you reported in to Jabatan Insolvensi Malaysia yet?

You have to negotiate individually for settlement with all the 10 banks, not only the bank that has bankrupted you. Normally for new bankrupts, the banks do not give huge discounts. The purpose of making one bankrupt is that they know the debtor has the means to repay. Bankruptcy is to force the Judgement Debtor to pay.

Even if one refuses to give discount and insists on full settlement, all the other banks may follow.

It may take weeks or months depending on how fast the banks respond to your request. ALL 10 banks must agree.
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