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Bank account for bankrupts

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asked on Nov 6, 2014 at 15:21
by   danish12
edited on Jul 4, 2017 at 07:22
 
Those whom are bankrupt can open a bank account at Bank Simpanan Nasional (BSN), you can withdraw your EPF.
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answered on Jul 2, 2017 at 03:56
by   jefflim
edited Jul 4, 2017 at 07:56
 
Once bankrupt, Jabatan Insolvensi Malaysia (JIM) will approve one bank to bank in your salary.

Example, salary RM3,000 bank into the bank assigned by JIM. Can we take it out or will JIM take 100 pct of it?
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answered on Jul 2, 2017 at 06:52
by   Rocketscience02
edited Jul 4, 2017 at 07:57
 
Google.. It is inside Bankruptcy Act. It is easy to find and easy to read.
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answered on Jul 5, 2017 at 04:35
by   jefflim
edited Jul 18, 2017 at 09:18
 
Still can't find the answer but I would think salary goes into Jabatan Insolvensi Malaysia (JIM) assigned bank account and we can withdraw a certain amount and balance goes into debt servicing.
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answered on Jul 5, 2017 at 05:13
by   Rocketscience02
edited Jul 18, 2017 at 09:20
 
Don't read the Act as it is. Don't just think. Laws can be interpreted differently.

You have to file I&E every 6 months. From the declared income, Jabatan Insolvensi Malaysia (JIM) will deduct 10% (depending on situation). JIM, says deduct RM200/month, it will give you a letter to open a bank savings account with the standing instruction to remit the RM200 to JIM to pay your creditors.

When the time for EPF withdrawal, give instructions to EPF for monthly withdrawal, NOT one lump sum. This MAY avoid paying some monies (EPF) to JIM. Declare it in the 6 monthly I&E. You can say only small monthly sum for medical, insurances, car maintenance/petrol, or college fees. Big sum JIM may take 30% (no fix rules). How you play with living expenses is up to you. 
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answered on Oct 10, 2017 at 22:33
by   Peter
edited Oct 30, 2017 at 11:39
 
I have been served with a bankruptcy notice a couple of years back and I need to open a bank account for salary purpose. Is it true that I can open an account with BSN with any issues for real and if my salary does enter, will it be frozen?

Hopeful for an urgent advice. Thanks in advance.
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answered on Oct 10, 2017 at 23:36
by   jeff005
edited Oct 30, 2017 at 11:40
 
Don't try, 100% cannot. You will not go to jail for trying. Open joint account with your name as second name. You have better choices other than asking your new employer to pay you cash?
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answered on Oct 16, 2017 at 21:34
by   Peter
This is really good news ! I did it !

Opened a bank account with no hassle at all.

With regards to joint account, the male MUST be the first name...thats the only requirement....

Thanks for the advice jeff005.

Cheers
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answered on Oct 17, 2017 at 04:52
by   jeff005
@ Peter

Thank you very much for your update.

What's d heck? BSN had become a sexist bank? Male must be first name in any joint acc ke? How come my daughter's name can be first name and mine second in joint acc in other local banks?
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