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What Financial Assistance Programs Are Available for Bankrupt Individuals?

Financial Assistance Programs Are Available for Bankrupt Individuals Blog
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If you’ve been declared bankrupt, then, right now, your priority is likely to find the best ways to source as much cash as you can. Along these lines, we’re happy to bring you some good news! The government launched the PEMERKASA aid package in March 2021. It offers bankrupt Malaysians significant funds and makes these resources more readily accessible! Here’s what you need to know.

What The PEMERKASA Is Offering (and Who’s Eligible)

Only two groups of people can currently benefit from this government cash aid program. The first group has lost its income source for one reason and falls in the B40 category. People in this group will get a sum of RM 500 under PEMERKASA. The second group of people eligible for financial aid here are recipients of the Bantuan Prihatin Rakyat (BPR) program and currently earn RM 1 000 or less. In this case, you have the opportunity to claim another RM 500 from the government.

Ease Of Accessing These Funds

As you may know, the Malaysian government isn’t a stranger to helping people who have been declared bankrupt. However, the old way of getting the government’s cash aid was cumbersome. The primary reason is that you always had to physically present yourself at a Bank Simpanan Nasional Branch before you could hand in the cash aid. The new PEMERKASA program makes life a lot more convenient for you as you can receive the money as a direct deposit into your bank account! It eliminates the need to drag yourself to any physical location to secure this assistance.

How The PEMERKASA Program Works

You first need permission from the Malaysian Department of Insolvency (MDI) to leverage this resource to open an account. But you don’t have to worry; the process isn’t as tasking as it used to be. Now, you have to reach out to the branch handling your case via email and put in a request. In a short time, you will get the request approval. As proof, the MDI will present you with a letter of acceptance. They do most of the work; you only need to show this to your bank, and you’ll be allowed to open an account physically or via their online platform. With that out of the way, you need to wait patiently, and you’ll get your government assistance aid! The best part is you can use every ringgit for your needs here, so there will be no deduction towards the payment of any debt!

Takeaway

Now that you know some of the financial resources you can access from the government don’t waste another moment. Start working towards getting your government cash aid now!

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