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Bankrupt already, what about other debts?

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asked on Dec 20, 2014 at 08:31
by   slpc
edited on Aug 1, 2016 at 17:41
 
I got to know recently I was made bankrupt in January 2013 by Ambank for credit card debt amount of RM30,000++. This is manageable if there's only one (1) bank but I have credit cards debts with another 8 or 9 banks totaling somewhere RM350,000 which is totally out of my ability to pay.

So far I have only received court action letters from Ambank and indeed they are the one who made me bankrupt. I have moved, perhaps the other banks have sent notices to my primary address but they do have info or record of my secondary address that I am in now.

My question is what about the other banks that I owed?

My last payments and acknowledgement of debts to all these other banks were in 2010. So later in 2016 (more than 6 years), will the Statute of Limitation sets in for these 8 or 9 banks that I owed?

Should I report to Jabatan Insolvensi Malaysia (JIM) only after 2016 when the Limitation Act has set in and I probably only have to deal with one bank, Ambank?

Will the Limitation Act still apply after one was being proclaimed bankrupt for the other debts he incurred before bankruptcy?

Really need some good advice from other members in this forum on the course of action I should take for my bankruptcy case.
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answered on Dec 20, 2014 at 23:52
by   other member
edited Aug 1, 2016 at 17:46
 
1. What's your age?
2. Have you check with CTOS on other banks "status"?
3. You may not be able to apply the same situation as @King case
4. The earlier you report in, if you can comply with Jabatan Insolvensi Malaysia Recovery & Reorganisation (JIM R&R), the earlier you can be discharged. Of course, if you are above 55, then leave things as it is...
5. You may have missed out this issue, if a Judgement in Default (JID) has been obtained, the bank can wait for another 12 years limit to bankrupt you. If you can get a discharged in 10 years, one bank can still bankrupt you again in the 11th year!

My last payments and acknowledgement of debts to all these other banks were in 2010. So later 2016 (more than 6 years), will the Statute of Limitation sets in for these 8 or 9 banks that I owed?
@King case is different. Yours may not apply. There are many other issues..
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answered on Dec 23, 2014 at 07:36
by   slpc
edited Aug 1, 2016 at 17:52
 
Thanks for your feedback...

1. What's your age?
I’m only 38

2. Have you check with CTOS on other banks "status"?
Nope, I should check and see then since the gist of the issue is in the info you provide in item no. 5.

3. May not be able to apply the same situation as @King case
Can provide link to @King case so that I can read up what happened?

4. The earlier you report in, if you can comply with Jabatan Insolvensi Malaysia Recovery & Reorganisation (JIM R&R), the earlier you can be discharged. Of course, if you are above 55, then leave things as it is...
I see, thanks... I have no assets or anything. Basically I am blank as a piece of white paper. I don’t even have income now as this problem has bugged me in finding gainful employment. Since I can’t repay with anything, would it be of any good if I report to Jabatan Insolvensi Malaysia (JIM)?

5. You may have missed out this issue, if a Judgement in Default (JID) has been obtained, the bank can wait for another 12 years limit to bankrupt you. If you can get a discharged in 10 years, one bank can still bankrupt you again in the 11th year!
This a very important piece of info... That’s why I need additional advice on my case. All my readings on bankruptcy laws and statute of limitation don’t add up. Please share where I can find this law where bankruptcy and limitation act meets and reconcile? I must read up.

@King case is different. Yours may not apply. There are many other issues..
My issues are as explained above. According to info or answer in item no.5, there’s practically no hope in my case. I can’t find gainful employment or do biz as a bankrupt, no assets whatsoever. Where the hell am I gonna find any resources to pay up and be released? Will I have to hold on this bankrupt status forever? What does Jabatan Insolvensi Malaysia (JIM) do to these people?
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answered on Dec 23, 2014 at 12:28
by   vkpc
I can’t find gainful employment or do biz as a bankrupt

Some companies like Microsoft Corporation prefer to hire bankrupts.
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answered on Dec 23, 2014 at 16:43
by   slpc
edited Aug 1, 2016 at 17:53
 
Thanks for the info. I'm a small guy living in a small town now, things like Microsoft, Yahoo, Alibaba and all these are out of my radar. You do know too often that the employment application form has a statement below to indicate whether you are bankrupt or not... Once indicated bankrupt, the chance goes way down, stereotype I guess... especially small town employer. Becoming a hawker is way beyond my capability and community prejudice.
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answered on Dec 23, 2014 at 17:31
by   other member
edited Aug 1, 2016 at 18:09
 
Becoming a hawker is way beyond my capability and community prejudice.

In my heydays, I may have earn less than you but more resourceful than you, involved and seen big snakes pissed off before. With my "unannounced bankrupt" status, I raised up 5 children for better or for worse and I am a street hawker now working under the sun or rain. Boy... wake Up... you are living on charity! Don't wallow in self pity!

The answers and solutions are written and discussed in the past 30 days under this bankruptcy section. Read, read, read and understand and learn to apply it to your own case. No shortcut! Still want forumers and members to spoon feed you?

Reply by,
Street Hawker and proud to be still alive and not living on charity
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answered on Dec 23, 2014 at 23:13
by   slpc
edited Aug 1, 2016 at 18:14
 
Thanks man... according to your info, there's no hope I guess. I just check my CTOS, 3 other banks sued me. Shall I lay low for a while before reporting to Jabatan Insolvensi Malaysia (JIM)?

Hawker? Thanks, no lah... I dunno this stuff and my family will not understand. With all due respect, I have no disregard for hawker. I think they are great providing us with all those delicacy. Just that people will prejudice me for learning so much and becoming one. Man, don’t get angry with me okay, I’m just trying to learn... You are a senior in this forum, please allow a small fry like me some space, thank you. I dunno... so I ask.

Please revert back to my initial question. I have checked CTOS, only 3 other banks sued me other than Ambank. Should I just declare these 4 banks if I surrender myself to Jabatan Insolvensi Malaysia (JIM)? Or the later the better?
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answered on Dec 24, 2014 at 01:41
by   other members
edited Aug 1, 2016 at 18:17
 
Thank you for your yr unreserved reply..

1. What did I write that did not give you hope?

Personal opinion.. Does not reflect the opinion of other forumers or members..

2. You are 38, still young, the earlier you report in to Jabatan Insolvensi Malaysia (JIM) and abide fully to all their terms and conditions, the earlier you can apply for discharge. You still can have a second chance in life to make up.

3. You are an educated professional, so you can find gainful employment, have a savings account opened for salaries bank-in and write in any employment application form that you are a bankrupt reporting to JIM and waiting to be discharged. Your ability to provide a bank account indicates you have a "value".

4. Declare ALL assets and liabilities, bring in all creditors banks and make sure that they ALL turn up at the first creditors meeting, if, not, 2nd, 3rd.. That way you would not have any loose ends. Read at "@Mahen", there are loose ends which still can threaten a second bankruptcy.

5. Of course the other method is to borrow money from friends and relatives and settle or simply "disappear" from any radar of banks, bill collectors and JIM..

You know your own social circle better than anybody.. the onus on yourself to make the BEST decision..
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answered on Dec 24, 2014 at 20:38
by   bunker
edited Aug 1, 2016 at 18:18
 
How can a small guy like you owing more than RM350,000 on credit card debts?
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answered on Dec 26, 2014 at 15:59
by   U know who
I spoke to my dau last nite about this case. She had 5 cards last year, she had cancelled 3 and left 2 cards, one for me, one for herself. But the last few months, she told me now, she got calls from previous banks cards offering her personal of 60, 80 even 100K with low interest.. There is no control by BNM..!!! She reject all seeing the "hantu for life" in me.....
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answered on Dec 27, 2014 at 10:26
by   slpc
Hi, personally, I shld thank u instead for yr reference and advise. After reading thru, I deduced that bankruptcy will not be resolved even after discharged since other banks can still sue u after discharged. My previous understanding from reading online elsewhere is that all debts incurred before the bankruptcy will be nullified after discharged. Perhaps that’s foreign law and not applicable to Malaysia since most searches online will yield cases unrelated to Malaysia. Really appreciate the existence of this forum, an eye opener.
1.  What did i write that did not give you hope?
A-That another bank can sue me into bankruptcy again even if I am discharged after 10 years. My debt is too huge for me to handle, even in 10 years I doubt.
3. You are an educated professional, so you can find gainful employment, have a savings account opened for salaries bank-in and write in any employment application form that you are a bankrupt reporting to JIM and waiting to be discharged. Your ability to provide a bank account indicates you have a "value".
A-I do indicate my bankrupt status in my application coz I don’t want to waste their time and mine. No point after all the interview process and finally rejected due to my status. On the other hand, I am also risking my chance in the application by declaring coz who knows some employer might accept after satisfactory interview in spite of my status. It’s a dilemma. I do have a BSN account recently due to my BRIM 2015 application. I told the officer I don’t have a bank account due to my bankruptcy but they insist on one coz BRIM will be paid direct to account next year and they said BSN is specially tailored for bankrupt like me (they have BSN acc opening service at the LHDN office where I applied for BRIM). Perhaps this might be a useful info to other members who is bankrupt and need an acct., so I share the experience.
5. Of course the other method is to borrow money from friends and relatives and settle or simply "disappear" from any radar of banks, bill collectors and JIM..
A-Borrowing frm frens and family to settle is out of the question as the amt is big. As for disappearing, ya, I have been disappearing frm radar for the past 4 years. I can’t do regular jobs coz they will hunt me down. It’s difficult to be in regular job with collectors knocking in and employer will not find it pleasing, not to mention how to face fellow colleagues. Only recently when I knew I am officially bankrupt that I consider looking for a regular job. Even then, I still received visits and letters dropped off frm debt collectors at my official residence recently although I am already bankrupt in Jan 2013. Wonder if I ever get a regular job, will I still face this problem frm debt collector? The company will surely find it harassing to have such employee..
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