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 shows you
what bankruptcy is, how it affects a person, and what the true scenario
is when it comes to bankruptcies in Malaysia.
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