EVER wondered what goes on in the mind of a person who has been served a bankruptcy notice or even declared bankrupt?
The likelihood of the mind being enveloped with fear, lack of information and misplaced pessimism of losing a family home, car, life savings and the inability to restart afresh is high. It can be a traumatic experience.
If for some reason you are declared bankrupt, you lose your assets as that will be sold off to pay your debts by your lender. Your credit ratings plunge and that limits your capacity to seek new funding in the future for your big-ticket purchases.
Bankruptcy proceedings are taken by creditors against individuals who have failed to pay up their debts. These creditors are usually banks, finance companies an…
Read the full article at: https://www.thestar.com.my/business/business-news/2021/06/14/avoiding-bankruptcy
