As a rule, I don’t allow guest posts or posts on behalf of other sites, but in this case I’m making an exception because I think financial literacy is a terribly important life skill that too many Malaysians aren’t equipped with.
iMoney.my requested if I could feature their infographic on bankruptcies in Malaysia here, so without further ado:
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 everyday. 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.