Are you in serious financial trouble with no means to an end?
Debt review no longer working for you?
Assets been attached for AUCTION or they are in the process of being repossessed?
Are you in arrears with your accounts?
Creditors phoning and threatening with legal action?
Are you making unrealistic promises for payment?
Are you taking from Peter to pay Paul?
Sequestrate and rebuild your financial well-being on a clean slate!
In simple terms, the bankruptcy of a natural person and/or trust. The process entails the surrendering of your estate by means of an application to court in order to have you declared insolvent.
Once the application has been approved, a trustee is appointed to manage the distribution of the benefits. Through the process, at least 80% of your debt is written off and the other, paid off by means of assets and/or cash input either upfront or over a period of 18 – 24 months.
Once the debt is paid in full an application can be made for rehabilitation as long as certain requirements have been met.
Complete an application and provide our offices with a list of your credit providers for an assessment.
Upon an accepted application, an advert gets published in the Government Gazette. This will prevent further legal action against you.
An application is made to Court for a date.
The attorney will draft a statement of debtor’s affairs, as well as all the other Court documents in support of the High Court Application.
An Abiltity statement is drafted that you must sign before a Commissioner of Oath.
A registered letter is forwarded to all your credit provers as notice of the surrendering of your estate. (SARS will also be notified)
On the day of the Court proceedings an Advocate will represent you.
After an approved application, granted in Court, a Curator is appointed to handle all financial matters on your behalf.
The court determines that you pay between 20c and 30c in a rand benefit to your creditors. (Interest does not incur)
The sequestration order is now listed on your credit record until you are rehabilitated (usually 4 years).
There are circumstances where you can apply for rehabilitation after 18 months, however this is an exception rather than the rule.
Once rehabilitation has been reached an application is made for a rehabilitation order and the credit bureaus must remove the listing.
You will legally walk away from at least 80% of your debt.
Garnishee orders obtained by your creditors will be cancelled.
If you have any judgements, these fall away.
You get to keep your moveable assets.
You will have an affordable monthly repayment plan.
You will get a clean slate and ultimately regain financial stability.
No need for you appear in court yourself.
Legal action is prevented.
Creditors can no longer demand payment from you.
Your employer is not informed, only your credit providers.
It does cost money.
You will be insolvent for at least the next 2 to 4 years.
You may not have a cheque account or credit card facility.
You may under no circumstances engage in any debt arrangements.
Your credit record with the credit bureaus will reflect your insolvent status which will prevent you from obtaining further credit until you have rehabilitated.
Some high end financial employment positions may be affected negatively and should be double checked by your company’s policies and procedure.
Rehabilitation after sequestration is the process through which a person who previously surrendered their estate through sequestration and was subsequently declared insolvent, restores their legal status to that of solvent. Thus allowing you to become a credit worthy consumer once again. You start with a completely new and ‘clean’ credit record.
Your financial freedom starts now.
It always seems impossible, untill it's done.
Nelson Mandela.