A case study on factors associated with youngster awareness on bankruptcy a case on final semester bachelor degree student at UiTM Sabah / Phillisca P Lajati and Maria Magdalena Labi

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. A person can be declared as a bankrupt if the debt owing is more than RM30,000.00 and the creditor may file for bankruptcy action against the person through the court. In today's society, people perception about bankruptcy is considered embarrassing as they don't have wide knowledge and exposures about bankruptcy. Therefore negative perception occurs among the society. This could lead to low self-esteem and low quality life to the person affected in terms of friendship with the community. As reported by the Malaysia Department of Insolvency (Mdl), every year there are increasing numbers of bankruptcy cases in Malaysia. Therefore the need to spread awareness about the bankruptcy matters is important as to reduce the number of bankruptcy cases every year. The government, NGO's and private sector may sit together to carry out campaigns and talk pertaining to this matter. Not forgotten the media responsibility to spread the awareness on bankruptcy to the public. Bankruptcy cases among youngsters also been reported as increasing. In university or college, the academic affairs may initiate activities or campaign about bankruptcy as to give wide exposures to the students. Early prevention of bankruptcy sign is important to reduce the number of cases every year.