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M’sian Gets Declared Bankrupt After He Fails to Pay Personal Loan that His Parents Forced Him to Apply

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Source: 123RF & TikTok | ooiliangchia

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Debts can be a deadly trap if not managed wisely. In the worst-case scenario, one might be declared bankrupt if there is a huge load of debt on the plate.

Unfortunately, a Malaysian may need to deal with bankruptcy soon when his personal loan with the bank has proven to be too much for him to handle. On the Facebook page Muflis Bankrupt di Malaysia, an anonymous Malaysian said that he was notified about a bankruptcy that had been filed against him at the courthouse. 

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He applied for a personal loan with the bank which amounted to RM200,000 and shockingly, the decision for the personal loan was made at the suggestion of his parents. 

“They asked me to apply for the loan so that they can renovate the house, and I’m the only one who works for the government at home.”

Without any prior knowledge about bankruptcy, the man wondered what will happen to him if he is declared bankrupt, as well as the fate of his properties. Here’s what he has:

  • A secondhand car, which was bought and paid for with cash.
  • A bank car

The man has no idea if his car will be auctioned by the bank, and if his bank card will be frozen.

In the comment section, the poor man added that his parents are not helping him at this tough time. To them, it is his responsibility as a son.

“If I did not apply for the personal loan to help them, they would say I’m not their son and I’m being selfish for not appreciating how they took care of me when I was still young.”

The man also added that the personal loan he applied for has been used to add more bedrooms and a porch.

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For illustration purposes only

It’s undeniably more space for the family, but based on the man’s financial condition, it was far from the right time for the house to be remodelled.

Do you think he can still manage to undo the financial errors?

 

Also read: M’sian Sells Budget Rice in PJ for RM3.50 But Gives Away for FREE to Those Who Can’t Afford to Pay

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Source: 123RF
Source: 123RF

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