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bankrupt

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asked on Apr 2, 2013 at 06:45
by   nick
If i am only just made a bankrupt rcvd letter 2weeks ago can i still fight it??? also the reason I'm bankrupt is bcoz i got cheated by a friend n i hv made a police report against him. whats the best way to tackle this pls help urgent advice needed gt 3 school going kids
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answered on Apr 2, 2013 at 15:10
by   Jane1963
Fight?? Against who? Already a bankrupt, I dont think you can do that. Bankruptcy has nothing to do with your kids.
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answered on Apr 3, 2013 at 06:35
by   nick
The question is base on my police report against my friend who cheated me of a huge sum of money can i fight the bankruptcy or use it to plead my case with JIM? . My 2nd question is i have a property joint name with my wife can i sell it without jim interference ?the property is still under loan .
3rd question is i am made a bankrupt due to a car loan bt i also have many other debts(i.e.; personal loans,credit card debts and house loan) will they also go after my property or if and when i sell it will jim also pay them from the sale of the house ? pls adv soonest really confuse right now tq
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answered on Apr 3, 2013 at 19:19
by   Jane1963
Your case already in JIM office means you already a bankrupt. You can only sue your friend after you are discharge. Let me share my experience.

My hubby and 3 other bought 2 properties & joint business partnership. Before the dissolution, they did this dissolution agreement & done by a lawyer & stamped the agreement in court. All liabilities stated clearly & divided among all. So each one will do their part and everything should be great right?? NOPE....he was sued by bank A and bank B which also submitted POD (Prove of Debt). We tried telling "you see...we have agreement...blah, blah, blah .... no one bother". The worst is both properties have 4 borrowers and my hubby is the only "CHOOSEN ONE". We the stupid/crazy one has been paying off the creditors which was stated without fail before JIM comes into the picture. So no choice, pay off, discharge, sue the partners which suppose to bear the liability. Nick, I have been carrying this stack of miserable bag pack for the last 13 years.

Joint name property, why don't nego with the bank with the amount you can afford & get discharge asap. Hopefully, you dont have to reach the state where JIM lelong your property to pay debts. Because when u see your OA, you will fill up forms which stated your other creditors. Then you might have "bigger" holes to cover and not forgetting JIM fees.
After all this done, sue your friend!!!
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answered on Apr 4, 2013 at 09:04
by   nick
Dear Jane , thank you so much for taking the time to explain and share your experience & pain with me..... i feel ur pain as well nw knowing u hv been in tis for 13years . Wow thats a long time to go thru this.
  I was under the impression that bcoz of joint name ownership of our property JIM wud not be able to take control of my property...... nw i am even more worried .last week  i rcvd letter from ASB telling me that JIM has instructed them to close my account and the remaining money inside to be given to JIM. Does that mean even my last saving account MBB will also be closed ???

I checked online my passport also blocked as i have to refer to nearest immigration office.....i am really lost right now bt still hanging on by a thread. got no more friends as they shun me as though i have some severe infectious disease or something. but i guess its the best it was friends who put me in tis situation only.

i shud hv listen to my wife and wudnt be in tis..

so does tis mean in order for me to sell the property JIM will take all the money and distribute to all my creditors ??? that will leave me with nothing at all ?? what do i do??

If only if i pay JIM the RM60k  that I'm made a bankrupt for will they discharge me immediately and then the other banks will they now come after me with bankruptcy as well???

i notice you mentioned for me to nego with the bank, can i still nego with the bank now that its under JIM already???

pls pls adv tq
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answered on Apr 4, 2013 at 14:40
by   Jane1963
Withdraw all monies in bank especially MBB. Dont keep monies in local banks. Try opening a foreign bank act with your wife. If the teller tells you "sorry sir....our record shows ....." you just pretend very suprise. Go to another foreign bank. Just in case you need an act for crediting your salary. But if you boss can give u cash or issue to your wife, that's better.

For your joint name properties with wife, try writing in to JIM thru their official website. Very quick respond.

Just asking, except that 60k debt, do you have other banks chasing you for monies??

You write/email to your OA, asking if you can approach the bank for nego before opening a file with JIM. If can that's better. OA less work, you can close this chapter faster. Bank sued rm60k, you can nego to the amt you can afford. If u can afford 50k, tell them 30k max. Or they want more, ask them to cover insolvency fees. I heard abt 12%. Use your skills...

If only if i pay JIM the RM60k that I'm made a bankrupt for will they discharge me immediately and then the other banks will they now come after me with bankruptcy as well??
That I cannot give you exact answer. My hubby case is BANK A sued. So we listed out all creditors. Somehow, JIM wrote to all my creditors. Then BANK B sent in Prove of Debt. So now we are nego with Bank B. A bit difficult. Not enough monies to cover. I just continue paying monthly installment to JIM.

For your case, if you don't list out all creditors and after you're free, another one coming after you. If you default your repayment to them. If you don't why bank bother to chase you??
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answered on Apr 5, 2013 at 04:54
by   nick
Hi Jane, thanks a lot for the info its helpful as I'm confuse with this whole bankruptcy thingy..

Yes apart from the 60k bankruptcy i do hv other banks chasing me(hong leong abt RM30k cc, RHB about 35++ P/l & cc & Rhb House loan 9mths overdue) outside of this i owe abt RM 1.3M to family & friends + 600k to money lender pledge another property ) + ahlongs abt 50k ++ tis is wat really make me owe so much.already paid them abt 1M bt everyday still chase me pay n pay more.....lost everytg because they hv no mercy they are the evil on earth. i know i know coz our banking institutions are so XXXXX up i was desperate and hd no choice.
You know Jane before i tk my 2nd property to the money lender i went to almost all the banks with a fully paid up property RM1.3M no encumbrances at all.Bt becoz my name was already blacklisted they turn me away.......i was only asking for 500k (property worthRM1.3M) becoz hd no choice resorted to money lender...and now look why i am totally screwed myself and my family.

I dnt undstand i even wrote to banks in concern and bank negara bt they gt no B.....ls to reply me. sory for the language...  i supported the loan with 2names total combined income RM12k a mth and the 2names gt no blacklist at all bt they still turn us away. the banks are all run by evil people with no mercy...but judgement day will come for everybody and than they will know .. The Lord says i quote (REVENGE IS MINE) .....

i wanted to liquidate everytg here and leave the country but it was just too late ......too much too little time
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answered on Apr 5, 2013 at 16:05
by   Jane1963
Nick, gosh .... really??? You owe so much??? There is nothing much you can do.

Nick, JIM definitely will lelong the properties. You hope the lelong amt can cover all your creditors.

The problem now is ah longs. You might want to consider that MCA guy (the one that help to deal with ah long's problem).
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answered on Apr 6, 2013 at 01:12
by   vkpc
You might want to consider that MCA guy (the one that help to deal with ah long's problem).
That is the worst person to talk to about loan shark problems.
Instead of asking police to arrest the loan sharks, he actually ask you to PAY the loan sharks. ( with some discount )
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answered on Apr 6, 2013 at 01:43
by   William
Received letter from JIM two weeks ago and ASB already freeze. How come so fast. They said 3 to 6 months?
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answered on Apr 6, 2013 at 02:47
by   zizong
bro take your money from all bank accounts tabung haji - do not wait any longer even foreign banks may suddenly recieve letter from JIM
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