Every day, 16 Malaysians go bankrupt!
According to Jabatan Insolvensi Malaysia’s data, as of November 2022, a total of 270,234 people had declared bankruptcy in our country, with 48,791 declaring bankruptcy between 2018 and November 2022.
There will be 784 bankruptcies in Kuala Lumpur between January and November 2022, 968 in Selangor, 520 in Johor Bahru, 571 in Kedah, and 257 in Perak.
In terms of age, 37.5% of bankrupts are between the ages of 35 and 44, 25.94% are between the ages of 45 and 54, and 21.03% are between the ages of 25 and 34.
Male bankrupts made up 72.96% of the total, while females made up 27.00%. Malays made up 58.24% of the population, Chinese 24.54%, and Indians 8.73%.
Personal loans are the most common reason for bankruptcy, followed by auto loans, commercial loans, mortgages, and credit card debt.
