Need advice - Bankruptcy soon!

I owed 6 banks for credit card debt with the total of RM 250K.All banks had issued me summons earlier.I was wondering beacuse 1 of the banks my loans has exceeded 40k but till today, i'm still not a bankrupt.It's obvious i won't be able to make any payments.I've been keeping quite for the past 10 years.

My questions -

1) Can i go to JIM and declare my self a banckruptcy?

2) I don;t know how much the actual amount owed to the banks,can JIM check for me?

Please advise.

Hi Confused,   Answers below:

1) Can i go to JIM and declare my self banckruptcy?

Ans: No but you can pay the service of JIM lawyer to help you to declare bankrupt.
I see no reason why you should declare yourself bankrupt. Why not let your creditor
bank takes time to sue you bankrupt. Save your lawyer fee. Sometimes, banks may take
longer time to sue even if the debt has gone beyond RM30k. There are some who are only
sued bankruptcy when the debt is RM100k or more. Depends on the bank's urgency.
Another way to delay is to write to the bank that you are planning to declare bankruptcy
to drag the time longer so that the bank may wait for your self-bankruptcy but you may
not really want to proceed with self-bankruptcy. This is just to drag the time longer.

2) I don't know how much the actual amount owed to the banks, can JIM check for me?

Ans: No, JIM won't check for you as this is not their role.

Thank you!So meaning i should just wait till the banks declare me a bankrupt.I do not have any properties ie car,house etc,will the bank know whether or not i have property?

If the banks declare me a bankrupt :

1) Should i go to JIM and inform them?
2) if i need to pay monthly to them,how much is the amount?
3) Should i inform my employer as i understand that i can't have any bank account?
4) If i would like to have my salary as CASH,what is the right reason for this intention?

Need help again.Thank you.

Hi Confused again,    My answers in bold below:

Thank you! So meaning i should just wait till the banks declare me a bankrupt.
I do not have any properties ie car, house, etc, will the bank know whether or not i have property?

ANS: Nowadays, banks can ask lawyers to do a search to find out who has what properties.
Since you do not have properties like car, house, helicopter, bulldozers, elephants, anitiques, commercial lands, etc,
the bank will find hard to recover its debt from you. The most the banks can do is to "punish" bankruptcy on you. Bankruptcy is NOT the end of the world. You can still lead a normal life but only with a bit of restrictions. You can still drive a Mercedes Benz to Kajang and wallop the best Satay Kajang there. No big deal! That's all.

If the banks declare me a bankrupt :

1) Should i go to JIM and inform them?
ANS: JIM normally will inform you to report to them.

2) if i need to pay monthly to them, how much is the amount?
ANS: If you are not working, you pay nothing. If you are working, an affordable monthly payment to JIM.
It depends how much you can afford from your salary - it can be RM20, RM30, RM50, RM80, RM100 or more.

3) Should i inform my employer as i understand that i can't have any bank account?
ANS: No necessity to inform as a bankrupt can still get JIM permission to open a bank savings acount only
for the purpose of depositing your salary. Your monthly payment to JIM is normally deducted from this
account via a bank standing instruction.

4) If i would like to have my salary as CASH, what is the right reason for this intention?
ANS: Answer for your question 3 is sufficient.