Bankruptcy Loophole: How Some Are Opting Out of High Loan Repayments
2025-01-18
Free Malaysia Today
In a shocking trend, some individuals are deliberately declaring bankruptcy to escape crippling loan repayments. By doing so, they are opting for lower monthly payments as determined by the insolvency department, providing a temporary reprieve from financial strain. This move highlights the growing concern of debt management and the need for effective debt consolidation strategies. With debt relief and financial planning being crucial, it is essential to explore alternative options, including credit counseling and debt restructuring, to mitigate the risks of bankruptcy and high loan repayments. This tactic may provide temporary relief, but it is crucial to consider the long-term implications.