Now, There's An App Which Will Let People Know That You're A Bankrupt

The app was officially launched this week.

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Now, There's An App Which Will Let People Know That You're A Bankrupt
Image: Coindesk

Your personal financial business will now be everyone's business.

You know the saying, "There's an app for everything"?

Well, the saying is pretty much true because the Malaysian government has just launched a bankruptcy app.

According to a report by Bernama, the mobile app called MyDI was officially launched on Tuesday.

Minister in the Prime Minister's Department Datuk Seri Azalina Othman Said told reporters at the launch that the app enables Malaysians to check their bankruptcy status with just a tap of their finger.

That way, Malaysians do not need to go all the way to the Insolvency Department of Malaysia to get their hearts broken - they can do that from the comfort of their own homes!

Azalina also added that future employers can use MyDI to check their future employees' financial status, or if you're afraid that your future son-in-law is a conman, you can use the app to check on them too.

Pretty useful, we have to say.

The app will reportedly be available for download on 11 May, so delete some selfies or unused apps to get your phone ready for download.

Oh no! When will the government declare that I am a bankrupt?

Currently, a total of 292,000 Malaysians have been declared bankrupt, with a majority of them due to vehicle purchases.

The number is pretty eye-opening, and you must be wondering if it's easy for you to be declared a bankrupt considering that a lot of Malaysians got into trouble just because they bought a car they couldn't afford.

Well, yes and no.

In order for you to be declared a bankrupt, you must meet certain criteria:

  • The person is unable to pay debts amounting to RM30,000 or more
  • The person has defaulted on their debts for a minimum of six months
  • The debt involved is in a liquidated sum

Usually, there are two ways that a person can be declared a bankrupt: one is through a creditor's petition, where a creditor (usually banks) will serve the debtor with a bankruptcy notice for failing to settle debts amounting to RM30,000 or more.

The second method is through a debtor's petition, where the debtor voluntarily declares himself as a bankrupt. If the debtor knows what there is no way he can repay the debt, this is a route he can consider taking. However, this is the absolute last resort as there's no way for the debtor to withdraw the petition once it's submitted to the court.

Once a person is declared a bankrupt, a tonne of restrictions will be imposed upon him, which includes a travel ban, forfeiting of assets and of course, a very limited credit line.

If you want to know more about bankruptcy, head on over to Insolvency Department of Malaysia's official website.

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