credit card debt

@bladirunner
Yup..it was only for 2 credit cards.And no other loans etc.,
Not too sure how it can help Steven.

@confused,

bro..

thks..

I believe you are still staying in the same house 20yrs ago.?? Even if you have shifted, u had updated JIM...

15yrs ago, the limit was still 5k to be sued under bankruptcy..  The Borneo Post reported 116,488 Malaysian made Bankrupts from 2007 till Sept 2013..

I have the gut feeling that a no of bankrupts made in the recent years is coz they were

1/traceable (if not traceable, by way of newspaper advert)

2/The debts is not only c.cards plus a combo of other loans, esp personal loans.

3/Credit cards are unsecured loans. Some types of personal loans are also unsecured. But it is something that COULD have been written in small print that "sort of" made it just like a personal guarantee to pay back no matter how.. That gives the bank the excuse to bankrupt you fastfast.. Notice that "sad woman" has shifted to avoid harressments from bill collectors, no forwarding address, but still could have been made bankrupt.. WHY???  The diff bet you and her and others on the "run" is that she has personal loans..

4/Steven case may be quite fast once he sells the house. If his house is sold under lelong, bank C will recoup the housing loan in full.. But the c.card amount of bank C, will also join the ranks of other banks to be apportioned. Only bank C will not bankrupt him. If one other bank filed and suceeded, JIM will take over the possession of the house and lelong it within a period of 6mths.

5/If steven dun sell his house, the other banks may wait untill he reaches 65 (not exceeding the 12 years limit period), fully pay up the housing loan, the value of the property may be 200k then, then there is meat in their bankruptcy proceedings.. But by then the total amount could have exceed 300k.. Note that there is also a 6 yrs limitation act on the accrued interests part from date of judgement debtor amount.

Interesting..??  But it also affects all "runners".. Notice the term "runninonempty".. It does apply on steven case...