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Uncover Hidden Government Grants Or Financial Aid For Bankruptcy Relief

Uncover Hidden Government Grants Or Financial Aid For Bankruptcy Relief Blog
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If you’ve recently been declared bankrupt, you need all the extra cash you can spend. And, thanks to PEMERKASA, they announced a government aid package in March 2021; you can get this quickly! You must open a bank account and wait for the government financial aid. Here’s what you need to know to get started!

Why Is The Introduction Of PEMERKASA So Important?

In the past, any individual who had been declared bankrupt was deemed ineligible to open a bank account. So, any bankrupt individual who wanted to open a legit bank account had to first get clearance from the Malaysian Department of Insolvency (MDI). It bears mentioning that securing permission from MDI can be long and hard. In addition, you weren’t allowed to open a bank account online as the MDI would strictly manage all your existing funds to ensure your monthly debt repayments were honored. However, with PEMERKASA, many of these formalities have been waived, making it easier to open an account because you have more control!

What You Get With The PEMERKASA Aid Package

  • Individuals who’ve lost their source of income and fall in the B40 category are automatically entitled to RM 500 government financial aid.
  • Individuals who are Bantuan Prihatin Rakyat or BPR recipients and earn at or below the RM 1 000 benchmarks are entitled to an additional RM 500.

How To Get Government Aid Cash If You’ve Been Declared Bankrupt In 3 Steps

Step One – Get Permission From The MDI To Open a Bank Account

Yes, you still need to get approval from the MDI to open a bank account. However, they streamline the process, so it’s much easier now. You need to contact the branch in charge of your case via email to notify them of your intentions.

Step Two – Take Your Letter Of Approval To Your Preferred Bank

Once the MDI has cleared you, you’ll be issued a letter of approval. Take this document to your preferred bank. With that done, you can then choose to either open an account physically or online.

Step Three – Use Your New Bank Account To Receive Funds From The Government

With your new account in place, you’re now ready to receive your financial aid from the government pronto!

What To Remember

Unlike your other existing bank accounts, they won’t redirect or deduct any funds deposited by the government into this account to pay your debts. It’s all for you to take home and use!

Conclusion

In light of this development, you don’t have to go through the stress of physically visiting a Bank Simpanan Nasional Branch to get your financial aid from the government anymore. Just follow the steps we’ve highlighted above and get the financial assistance you need without jumping through hoops.

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