{"id":5760,"date":"2017-11-01T17:10:47","date_gmt":"2017-11-01T09:10:47","guid":{"rendered":"http:\/\/alexchanglaw.com\/?p=5760"},"modified":"2022-03-25T12:57:22","modified_gmt":"2022-03-25T04:57:22","slug":"bankruptcy-existing-car-loan","status":"publish","type":"post","link":"https:\/\/alexchanglaw.com\/index.php\/bankruptcy-existing-car-loan\/","title":{"rendered":"Bankruptcy and Your Existing Car Housing Loan"},"content":{"rendered":"\n<p><a href=\"https:\/\/alexchanglaw.com\/index.php\/bankruptcy-and-your-existing-car-loan-chinese\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e2d\u6587\u7248<\/a><\/p>\n\n\n\n<p>Very often we get this question:\u00a0 I am a bankrupt and I am servicing an existing car\/ housing  loan, the bank did not repossess the car\/ foreclose on the house,\u00a0 \u00a0shall I continue to service the car\/ housing loan?<\/p>\n\n\n\n<p>If a person is made bankrupt in the year 2016 and the car\/ housing loan has been running since 2015 for 5 years, the catch is that once you have finished servicing the car\/ housing loan in year 2020, you will not be able to &#8220;<span style=\"color: #ff0000;\"><em>enjoy<\/em><\/span>&#8221; the proceeds from the sale of that car\/ house.\u00a0 \u00a0 All properties of the Bankrupt will vest (belong) to\u00a0 the\u00a0Director General of Insolvency.<\/p>\n\n\n\n<p>A more practical approach is probably to sell the car\/ house once the person is made a bankrupt and give the balance\u00a0 proceeds of the sale after paying the bank to the\u00a0Director General of Insolvency.<\/p>\n\n\n\n<p>The Bankrupt may continue to work and his\u00a0 employer\u00a0 may of course, depending on the circumstances and requirements of the job, provide him with a car.<\/p>\n\n\n\n<p>For more information on how the get a <a href=\"https:\/\/alexchanglaw.com\/index.php\/bankruptcy-malaysia-general-information\/\" target=\"_blank\" rel=\"noreferrer noopener\">discount and then discharge annul the bankruptcy click here<\/a>. <\/p>\n\n\n\n<h6><span style=\"color: #000000;\">For application of <a href=\"http:\/\/alexchanglaw.com\/index.php\/bankruptcy-discharge-full-settlement-creditor\/\" target=\"_blank\" rel=\"noopener noreferrer\">discharge and annulment please click here<\/a>.&nbsp;<\/span><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Should a Bankrupt continue to service his housing car loans<\/p>\n","protected":false},"author":1803,"featured_media":2673,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[52],"tags":[53,48],"_links":{"self":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/posts\/5760"}],"collection":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/users\/1803"}],"replies":[{"embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/comments?post=5760"}],"version-history":[{"count":13,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/posts\/5760\/revisions"}],"predecessor-version":[{"id":10649,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/posts\/5760\/revisions\/10649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/media\/2673"}],"wp:attachment":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/media?parent=5760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/categories?post=5760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/tags?post=5760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}