Home / Malaysia Bankruptcy Law / Business & Consumer Bankruptcy Law Are there any help for bankrupt?

Are there any help for bankrupt? (modified 0 times) Garyghl Hi to all forumers here, I have gone thru this forum for some time now. I noticed that, there is alot of help or advice for people who are being served the court orders or summons. But I don't see anyone asking for help on how to survived as a bankrupt or how to get out of a bankruptcy. Are there any loopholes or technicality in the law to do that? I am sure there are thousands out there who are already bankrupt, are hoping to find help from this forum. Are there any ex-bankrupt who has found a way to get discharged. Maybe he can share his experience with us here and save some us here. Any there any famous lawyer who specialise in this area of practice, has gone through and won many cases for the bankrupted community? I am sure many of us here would want to enlist their help. 01 Feb, 2012 12:38:47

RE:Are there any help for bankrupt? (modified 0 times) vkpc To bankruptcy annulled, you should appeal as soon as you become bankrupt. To get discharged, you can pay to settle the loans or wait until many years before applying for a discharge. 01 Feb, 2012 14:49:53

RE:Are there any help for bankrupt? (modified 0 times) natalie Profile | Email Hi Garyghl. If bankruptcy proceeding still ongoing, u can set aside d BN. But once AORO obtained, u can only appeal vs d order. OR make payment to OA in order to discharge. Other alternativ juz wait up to 5 years, then u can discharge urselves regards, natalie 01 Feb, 2012 15:33:11

RE:Are there any help for bankrupt? (modified 0 times) Alalchoong Natalie, What do you mean when u said "Other alternativ juz wait up to 5 years, then u can discharge urselves"?? Would appreciate if you could explain in detail. Thank you. 01 Feb, 2012 18:47:46

Are there any help for bankrupt? (modified 0 times) Henry Butcher As far as I know, after serving up to 5 years of bankruptcy, you can apply for a discharge but there is no guarantee unless and of course if you can pay up the debts of all your creditors. The good news is that you may be able to pay a percentage of the debts, for example it can be 25% to 50% but it all depends on your nego with your creditor banks. Finally, the Director General of Insolvency has the power to discharge you even if the creditor banks disagree. Some bankrupts are dischargeable due to old age, disablity, sickness or single parent but the conduct of the bankrupts need to be good. In Malaysia, there is no auto discharge after 5 years. Hopefully, the law can change after the upcoming General Election. In some countries overseas, there is automatic discharge after serving 2 or 3 years of bankruptcy! A bankrupt has the right to work but there are some legal restrictions on the bankrupts. 05 Feb, 2012 16:51:51

Are there any help for bankrupt? (modified 0 times) Soi Lek More info from this link: http://www.lawyerment.com.my/boards/article-Malaysia_Business_Consumer_Bankruptcy_Law-1838.htm 05 Feb, 2012 17:51:20

RE:Are there any help for bankrupt? (modified 0 times) Alalchoong Henry Butcher, Thanks for the info. 06 Feb, 2012 18:52:36

AUTOMATIC DISCHARGE COMING SOON!!! (modified 0 times) Sharimah AUTOMATIC DISCHARGE FROM BANKRUPTCY COMING SOON!!! Click this to read more: http://www.lawyerment.com.my/boards/article-Malaysia_Business_Consumer_Bankruptcy_Law-1844.htm 07 Feb, 2012 12:43:26

Disclaimer - Please Read Carefully

These Bulletin Board pages are intended as a public service primarily to allow non-lawyers and lawyers to share experiences and opinions with other non-lawyers and lawyers. They are NOT intended to be a source of advertising, solicitation, legal advice, self-promotion or disparagement. Lawyerment assumes absolutely no responsibility for postings or their content. Visitors may post questions, comments and replies without prior review by Lawyerment, but we reserve the right to delete any postings (in whole or in part) for any reason at any time.
However, the fact that a posting remains on site NEVER means that it has been approved or endorsed by Lawyerment. By making a posting you are agreeing that the material you post becomes the property of Lawyerment. Lawyerment is a unit of Magnificent Communication. Visitors should exercise great caution when reading this (or any other) Bulletin Board. Be aware that those who post messages may not be who they claim to be. Never to rely on any advice in legal matters except from an attorney you have retained to represent you and your interests. To locate and retain an attorney we suggest you visit our Lawyerment Lawyers' Directory.
Click here to visit Lawyerment.com for 1000's of answers to legal questions. Please read our Privacy Policy and Disclaimer & Conditions Of Use.
Copyright © 1999-2011 Lawyerment.com. All rights reserved