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Over 80% of Malaysians declared bankrupt in the past five years owed at least half a million ringgit, a period that also recorded bankruptcies among retirees and students
Statistics from the Insolvency Department show that 19,432 cases reported during this period involved debts between RM500,000 and RM999,999.
A total of 1,275 individuals, representing 5.54% of all bankruptcies, had debts exceeding RM1 million.
The bankruptcy threshold in Malaysia has been adjusted several times.
Before 2020, an individual could be declared bankrupt if they owed RM50,000 or more.
This was amended in 2020, raising the threshold to RM100,000.
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