Do creditors harass you daily? Do not despair. We have insolvency lawyers that can help you to become debt free in South Africa. Read on as we explain the solution to your debt nightmare and how to stop creditors from calling.
WHAT IS THE SOLUTION?
Even if creditors have threatened with judgments, you can still stop them in their tracks. How? With the help of insolvency lawyers who can assist to determine if you qualify for voluntary sequestration.
HOW DO YOU QUALIFY?
You must be unable to pay your debts when due and your liabilities must exceed your assets. The sale of your assets must be enough to ensure that each creditor can receive at minimum 20 cents out of the rand. It must also be enough to pay the sequestration and legal costs.
To determine if you qualify, complete the obligation-free online sequestration assessment. Our insolvency lawyers will use the information to assess your financial state. If you qualify, they will discuss the process and pros and cons of sequestration. The process is discreet, and you do not have to appear in court.
WHY MAKE USE OF OUR INSOLVENCY LAWYERS THAT CAN HELP YOU?
We have dealt with numerous voluntary sequestrations, liquidations, business rescues, and debt compromise agreements. Our insolvency lawyers have the experience and knowledge to help you through the process and handle all the legal formalities. Instead of creditors calling you, they will have to speak to our legal team. This means you no longer have to fear answering your phone.
With several forms to complete and formalities to adhere to, you want experts on your side. You do not have to go through the process on your own. We handle the publication of notices, apply to court on your behalf, and negotiate for buyback of assets where relevant.
You do not have to lose your furniture, firearm, or tools of trade in the process. Our attorneys will negotiate with the curator/trustee to have the furniture written up, but not removed from your home. In this way, you can buy back the furniture at a low price.
Tools or equipment that are essential for you to earn a living are excluded. This means you will still be able to generate income.
WHAT ABOUT OTHER SOLUTIONS?
It is not your first option to become debt-free. You can opt for debt review, a debt consolidation loan, or a compromise agreement with the creditors, or borrow money from a family member to cover the debts. But if creditors have already applied for judgment against you, then you need immediate intervention. This is also true if you are under debt review, but can no longer afford the monthly consolidated payments. If you do not qualify for a consolidation loan or cannot get one that covers all your debts, you also need an immediate solution. Our insolvency lawyers will assess your situation. If another solution is more appropriate, they will recommend it.
HOW SEQUESTRATION HELPS
Voluntary sequestration is not an easy way out of debt, but it is one that can help you become debt-free within a short period. Here are some of the benefits:
- Become completely debt-free – have cash available again to pay for living expenses and to build a new financial estate.
- Stop creditor harassment – they have to deal with our insolvency lawyers.
- Get a fresh slate – your old debt laden estate is no longer your problem.
- Get a new tax number – SARS is also a creditor and what you owe in taxes becomes part of the process.
- Creditors cannot claim against your new estate.
- Immediately stop payments to creditors once your intention to voluntarily sequestrate is published – giving you breathing space and the chance to save up money.
- You can apply for rehabilitation as soon as the time requirement is met, giving you a chance to regain full financial control over your financial affairs.
- Personal injury money and your pension are excluded.
- Write off up to 80% of the debt.
HOW THE VOLUNTARY SEQUESTRATION PROCESS WORKS
You complete the assessment form with details about the amounts you owe, the creditors, and information about the circumstances surrounding your financial situation. Our attorneys help you to draft the necessary documents, publish the notice of your intention to sequestrate, and apply to court on your behalf. If awarded, a curator/trustee oversees the sale of assets and distribution of the benefits to the creditors. Once the process is completed and time requirement met, you can apply for rehabilitation.
WHAT YOU NEED TO DO TO BECOME DEBT-FREE
Visit our FAQ section for answers to your questions about voluntary sequestration. Once you are ready, complete the online sequestration assessment to determine if you qualify. If you have any other questions, reach out to our team of insolvency lawyers that can help you to become debt free.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Call on our attorneys for legal advice, rather than relying on the information herein to make any decisions. The information is relevant to the date of publishing.