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Can I as a guarantor get partial discharge from bankruptcy?

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asked on Mar 3, 2019 at 15:44
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edited on Mar 17, 2019 at 07:58
 
I was made a bankrupt as a guarantor to a bank loan where one of the company director is the main borrower. I've been making payment for his debt for about 4 years. Therefore can I request for partial discharge just by making my portion of payment? Basically I need to deal with creditor to see whether allowed or not right? Anyone has done it?
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3 Answers

answered on Mar 3, 2019 at 18:09
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edited Mar 3, 2019 at 19:14
by   jeff005
@Samuel tong

I am not clear what exactly you are asking.
There is no such thingy as "Partial Discharge"

To under what you are going through, go read  "What is Bankruptcy"
Ref :-  https://www.lawyerment.com/library/kb/Insolvency/Bankruptcy/1010.htm

To apply for a "Discharge from Bankruptcy"
Ref :- https://www.lawyerment.com/library/kb/Insolvency/Bankruptcy/1595.htm
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answered on Mar 3, 2019 at 19:06
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edited Mar 17, 2019 at 08:00
 
Sorry if there's no such thing. I just want to confirm because I checked with a lawyer and she asked me to check with the creditor and negotiate with them then file for partial discharge with the court.
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answered on Mar 3, 2019 at 19:27
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edited Mar 17, 2019 at 08:03
 
@Samuel tong

I think what you are asking is that "making my portion of payment?"

Read here on my reply to @Samuel. Are you the same person?

https://www.lawyerment.com/answers/questions/11431/finally-discharged-from-bankruptcy-thank-you-everybody-for-advice?g=10#tab-top

You can check with the creditor Bank that has bankrupted you and to see if they are willing to accept your offer for any your "portion" of the debt (example 50% of the debt).

Take notes:
1.  All payments must go through Jabatan Insolvensi Malaysia
2.  The bank that bankrupted you may "discharge" from your portion of the bankrupted amount but yet if you have other Proof of Debts from other Creditors, you have to settle those debts too (if any) before Jabatan Insolvensi Malaysia will approve your application for discharge.
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