Bankruptcy – A reality check

June 17, 2013

 

For most Malaysians “bankruptcy” is a synonym to being “penniless.” However, it is far much worse than just being broke.

Whereas being broke will revolve around a situation where someone has zero cash for meals or rent, bankruptcy is a legal phrase that comes with a court declaration.

Apart from the fact that you will have the normal financial difficulties associated with being broke, bankruptcy also comes with other baggage that strips one off many rights that many Malaysians take for granted.

Unlike what many people think, you don’t need to owe millions for you to be bankrupt. Any debt that goes beyond RM 30,000 can cause to be declared bankrupt.

To learn more about bankruptcy and its effect, please check out the infographic below.

This infographic has been contributed by iMoney.my – Malaysia’s leading website for personal finance products comparison. Check out their comparison tools to comoare mortgages, credit cards, personal loans, insurance and more.