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settle bankrupt

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asked on Dec 22, 2014 at 23:30
by   Mahen
Hi Im mahen here.I need some advise for settle my father bankruptcy. He was bankrupt on Jun2010 by affin bank amounting RM58000 for a car loan.Actual principal is RM38000 only.My father sold his car to a use car dealer and the dealer didn't made full settlement with bank.after 2 months my father received noticed from bank and ask him to do monthly payment.He question with car dealer and they mentioned car has been stolen.my father did police report immediatley and ask the car deler to settle full amount.after that they jus ignore on that and close thier shop and run away.This is happened on 2005 and affin bank filed bankrupted on 2010.my father is uneducated person and he dont know well about bankrupcty proceeding.He went to court hearing and made bankrupted.Now im as a son planning to take loan under my name and settle my father debts.How i need to deal with bankers especially with affin bank. Need to take any lawyers representive?Total proof of debts filed RM78,000 and my father every month paying RM300 to JIM.PLEASE HELP ME
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answered on Dec 22, 2014 at 23:45
by   jeff005
Mahen..

The world needs more sons like you...

Q's..
1/How old is your father?
2/When did your father started paying JIM?
3/Is the payment prompt every month?
4/Dont need lawyers.. You can do it yourself.. But is there a urgent need?
5/Is your father working now?
6/How old are you?
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answered on Dec 23, 2014 at 17:41
by   mahen
Thanks.
1)51 years old and he is a diabetes patient.having medical expenses too
2)He starts to pay JIM from Jan 2012
3)Yes payment prompt.JIM deduct from his maybank saving acc every month.They allow to open a saving acc
4)Yes urgent.hope can settle by end of next year. my father planning to sell his house after discharge bankrupt.so far we paying prompt monthly payment to house loan.
5)Yes my father is a taxi driver
6)im 26 years old.

few months back i negotiate with affin bank to settle lump sum.but they refuse to give more discount.they ask me to pay RM53000.actual principal is RM38000 only.how to get more discount?Need to write letter by lawfirm?how much cost probably if appoint a lawyer? Please advise

Other than affin bank Proof of debt filed for citibank,hongleong,and hsbc for credit card and personal loan.But everytime my father receive call from debt collection agency and ask for payment.my faher told them already bankrupt and paying monthly payment to JIM.but they keep on chase for payment.Is JIM really file POD for other banks too?the rm300 payment which we made every month go wer? I just call to check hsbc and hongleong,they said there is no bankrupt status under my father name.They said can pay direct to them and settle it.i really confuse on this.Please advise.
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answered on Dec 23, 2014 at 20:08
by   alicia
You say:
I just call to check hsbc and hongleong,they said there is no bankrupt status under my father name.

What is your father IC number?
I will check for you whether he is a bankrupt or not.
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answered on Dec 23, 2014 at 20:26
by   mahen
Hi alicia,
64021308xxxx.
Normally if want to settle full payment, we shuld do payment direct to JIM rite?As im a 3rd party, can i able to settle direct to bank?

Thanks.
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answered on Dec 23, 2014 at 20:31
by   jeff005
@Mahen..

I really like you.. really wish i had a son like you, concerned for your father..

ok.. I am not going to share any info of your father case.. you study all the postings under this bkcy section for past 3 months and help your father to clear up the whole mess by yourself which may take another 3-4years. My sifu..  "vkpc" oso make me study on my own while he guides me when i make erroneous postings. By understanding the whole process from the day a default payment starts till bankruptcy discharged, you would learn how to avoid most of the difficulties plus a learned man and next time helps "others in need" a Legacy which vpkc has started and advocating. Money can never buy all these knowledge.. Let's begin YOUR journey..

1/Is JIM really file POD for other banks too?
POD is filed by the Banks to JIM. You have to declare your "liabilities" to JIM and JIM will write to them(banks) to file their POD. Some bank do ignore and do not attend the 1st "Creditors meeting" at JIM.

2/What is your proffession now.?

3/Your father house, 1 name or joint names, housing loan under how many names? Is JIM aware of this house? Did your father declare this asset and the housing loan under liabilities when reported to JIM.??

4/Is your father diabetes treatment in a government Hospital/klinik or private? What is the "HbA1c" reading now? Any other related illness? Yes.. there is a bearing with relationship to discharge on bankruptcy based on medical health. Some ppl may think i am asking nonsense and it is not related to bkcy.

5/Do nothing.. do not contact any bank at all. Contact Only your father OA in JIM. A bankrupt cannot make any payments direct to any creditors, must go through JIM, it is against bkcy laws and have a bearing on bkcy discharge application.

Read.. read.. read...
1/Laws of Malaysia Act 360 Bankruptcy Act 1967
2/Limitation Act 6 Years Limit
3/12 years to make a Judgment Debtor bankrupt
4/How to apply for bkcy discharged.
5/Simple court proceedings(can find a lot under this forum)
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answered on Dec 23, 2014 at 21:00
by   mahen
Hi Bladirunner,
Thanks for your advise.

As you said i need to read all the posting for my better understanding.
My father already declare all liabilities to JIM.But i think so far JIM not inform (banks) to file their POD's.because so far banks wouldn't know about my father declared BP.

Im a recovery officer for 1 of singapore bank.I slightly know about BP proceeding and discharged.But for malaysia BP law really confused.Very hard to negotiate with bankers especially.

Housing loan under 1 name.Yes JIM aware of it but so far they not disturb anything with this property.We doing prompt payment.

Yes u r correct.JIM can consider for medical treatement also. He taking treatment for almost 4 years with goverment and the reading around 15-20.

Thanks for your advise again
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answered on Dec 23, 2014 at 21:21
by   jeff005
Im a recovery officer for 1 of singapore bank
Not OUB I hope..

My father already declare all liabilities to JIM. But i think so far JIM not inform (banks) to file their POD's.because so far banks wouldn't know about my father declared BP
Dangerous assumption.. Watch out.. once discharged can be bankrupted again the next moment if the debts by then exceed 30K...

But for malaysia BP law really confused.Very hard to negotiate with bankers especially.
I read on forums about Bkcy Laws of Spore.. Very systematic and hardly any loopholes.. but I prefer the Bkcy Laws of Msia... Bolih lari and hide.. Spore jail bankrupts for not reporting in. Also jail term if there is fraud in the application of credit cards eg.. overstating/overdeclare your income.
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answered on Dec 23, 2014 at 21:33
by   jeff005
A son can tell ppl the blood glucose readings of 15-20 of his father within minutes.. is really a GOOD son.. But it is at very dangerous level.!!

So, You have been lurking behind this forum reading our postings.. rite.??

There is no need to learn anything much from me, but I need to learn more from you on recovery methods...
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answered on Dec 23, 2014 at 23:45
by   alicia
Hi,

I checked with
http://sspi2.imi.gov.my/default.aspx

For IC 64021308XXXX, confirmed your father is a bankrupt.
HSBC and Hong Leong debt collectors are liars.
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answered on Feb 12, 2015 at 16:21
by   mahen
Hi, Yesterday me n my father went to MDI and inquiry of settlement process.
They said upon settlement they will charge 12% of fees from overoll settlement amount to discharge.\
Then, we needd to appeal to high court by engaging a lawyer or can do by own to appeal to discharge. procees of discharge will take 3 months.
They not reducing the 12% fees at all.
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