PETALING JAYA: The Insolvency Department says some individuals abuse their bankrupt status to avoid burdensome loan repayments for large debts.
Its director-general, Datuk M. Bakri Abd Majid, said these individuals would intentionally declare themselves bankrupt so that their loan repayments could be lowered, reported Sinchew Daily on Saturday (Jan 18).
He said that with the bankruptcy status, the department would decide the monthly loan repayment according to the individual’s capacity.
He added that the monthly repayment of large loans, set by the department, was usually insufficient to repay the full loan amount.
Bakri gave an example of a civil…
