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Can I be made a bankrupt in the event that the borrower does not repay his or her loan to the financial institution?

Yes.

If the debt is equal or more than RM30,000 as defined by the Bankruptcy Act 1967, the financial institution can take bankruptcy action against you to recover the debt.

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Reprinted with permission from BankingInfo (A Consumer Education Programme)


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Knowledge Base ID :   1209
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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