Personal debts issues are common matters and happen in every country. Excessive debts have led to default payments and ended in personal bankruptcy filing. The number of personal bankruptcy cases doubles in United States from 200,000 cases to 450,000 cases from 1970 to 1980 (White, 1987). In Malaysia, personal bankruptcy filing has been increasing at an alarming rate where Bank Negara Malaysia (BNM) has announced that there are 251,209 cases as at September 2013 (The Star, 2013. In addition, recent bankruptcy record exhibits that the declared bankrupt cases are becoming more prevalent among younger generation as compared to past years records. The increase in personal bankruptcy cases has been attributed to erosion in credit evaluation process and this has led the banks to be more cautious and has tightened their lending process in loan approval ...