In the first six months of 2010, over 9,000 Malaysians have been declared bankrupt, accruing RM12.4 billion in bad debts. This is a significant increase from 2009, when 16,228 individuals owed RM9.28 billion during the same period.
The majority of these ""new bankrupts"" are individuals who defaulted on credit card payments or auto, home, personal, or business loans. According to the United States Department of Statistics, approximately forty percent of these newcomers borrowed from one or more financial institutions and are comprised of borrowers, social and corporate guarantors.
As an insolvent;
You are not permitted to leave the country without prior permission from the Director General's Office of Insolvency; you are not permitted to carry on/enter into any business alone or in partnership or be a director of a company or directly or indirectly takes part in the management of the company; you cannot, without prior permission from the Court or Director General's Office, control any business on behalf of your spouse or siblings of your own or of your spouse; you are not permitted to leave the country without prior permission from the Director General's
Although getting out of bankruptcy is as simple as settling debts with creditors, not everyone has the assets or financial resources to even contemplate negotiating for a settlement amount. The majority of bankrupts, including myself, would have spent the remainder of their lives attempting to escape by making payments from whatever ringgit we could squeeze out of our miserable income.
It is too early for me to say ""Trust Me,"" but trust me because I have discovered a means to finance my exit from insolvency. In fact, as you read this, wherever you are, my fellow Malaysians, I am already on my way to receiving a bankruptcy discharge.""
" - https://www.affordablecebu.com/
