PETALING JAYA: After years of torment because of their insolvent status, bankrupts say they have a new lease on life following the announcement by Prime Minister Datuk Seri Anwar Ibrahim that the status of at least 120,000 who were declared bankrupt would be automatically lifted today.
Halim (not his real name) said he could now start anew after going through hell over the past three years.
“I started a food business in early 2020 and had to take a business loan. The crippling effects of the Covid-19 pandemic and its restrictions, however, saw this venture being crushed.
“At that time, I also had to pay off my car loan on top of the business loan, which led to me declaring bankruptcy. This was a bitter pill to swallow as I had to care for my family at the same time,” said the father of two.
Despite the circumstances, Halim said he was thankful to his wife who helped support the family through those trying times, adding that he also took up several gig jobs to make ends meet.
“I am grateful for this fresh start. With the lessons learned, I will be sure to make better and more calculated financial decisions moving forward,” he said.
Another individual who wanted to be known only as Jaya said he could now move on from the torments of bankruptcy.
“I made bad financial decisions in my younger years and paid dearly for this. Family disputes ensued and I was stuck in a rut.
“Losing my job didn’t make paying off the debts any easier.
“At least now, I can move on from this episode and repay my loved ones for the support they have shown me every step of the way,” said the 38-year-old who was declared bankrupt last year.
A contractor known as Borhan said the decision would also help guarantors such as himself be absolved from debts they never created.
“I became a guarantor for a friend looking to purchase a car more than 20 years ago, and this came back to hurt me badly.
“My friend defaulted on his payments, which resulted in me being unable to take any loans,” he said, adding that many family disputes and sleepless nights resulted from this.
“I had to endure five years of misery when I worked hard to clear my name from the system, which I eventually succeeded in doing,” he said.
The 54-year-old said he would now politely decline requests to be a guarantor, even if they were from close friends.
“I’ve learned my lesson that it’s better to reject politely rather than live a life of misery,” he added.
