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What is bankruptcy? What can't a bankrupt do? What are the restrictions during bankruptcy?
Bankruptcy is a legal process to deal with debts that you are unable to settle as and when they fall due. The bankruptcy proceedings provide relief from excessive debts and pressures of creditors...
As a guarantor, 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 RM50,000 as defined by the Bankruptcy Act 1967, the financial institution can take bankruptcy action against you to recover the debt. Back to Guarantors'...
Banking & Finance
Credit & Loans
Can interest be charged on debts of a bankrupt? Will interest on debts be written off in bankruptcy?
Interest on debts will not be written off in bankruptcy. A creditor can only claim interest on your debt up to the date of the bankruptcy order but they will not get interest on their claim...
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