Bankruptcy In Malaysia – A Reality Check [Infographic]
To most folks in Malaysia, “bankruptcy” is a term synonymous with “having no money” – used commonly to describe a situation where a person has exhausted his monetary resources and has next to nothing to survive on.
In reality, however, bankruptcy is something that is far more serious than simply having no money to survive the month. It is a status declared by a court order, which effectively eliminates certain rights that we take for granted every day. And despite common perception, you do not need to owe millions to be bankrupt; you can be one with just a debt of RM30,001.
In this infographic, iMoney shows you what bankruptcy is, how it affects a person, and what the true scenario is when it comes to bankruptcies in Malaysia.
Find out how you can avoid being part of the nation’s bankruptcy statistics by keeping away from making these eight common money mistakes.