Financial problems can happen at any time, and so, it is best to have a lawyer to help in these times. The attorneys have experience in dealing with credit matters, and they can assist with the process of insolvency as well.
If you face a financial issue, such as bankruptcy, debt, or deficiency, then it is best to consult insolvency lawyers.
They know which negotiation pitfalls to avoid, what never to do when you are in financial trouble, how to structure your assets, and what to do if you need to enter a credit compromise settlement with creditors. Insolvency lawyers are used to helping others with the legal aspects of managing their financial problems. They provide valuable advice on steps you need to take next and explain available options.
Credit cards, unpaid bills, and other debt can quickly build up to a point where these become too large to manage. In these situations, an insolvency lawyer can help you by handling your bankruptcy or debt settlement.
You save time with the legal process of voluntary sequestration as they handle the formalities, so you do not have to go through the pain and frustration of doing it yourself. The attorneys assist in assessing your finances to determine whether or not you qualify for voluntary sequestration. If you do not, they suggest the best alternative, which may involve a debt compromise settlement. If you do, they explain the process, advantages, risks, and disadvantages.
In addition, they help you draft the affidavit, statement of affairs, and relevant documents. Knowing how to do these to ensure compliance with the formal requirements for a voluntary sequestration application is essential, as non-compliance can jeopardise your application success.
Leaving out a single creditor can cause a delay and add to the problems. How do you know if a creditor should be listed? Do not assume a debt has prescribed just because the creditor did not contact you in the past three years. The creditor might have sold your debt to another creditor, which means the debt is still due. Failure to list the creditor can cause many problems during your application. This is why an attorney’s advice is valuable, helping you to avoid these and other pitfalls in dealing with creditors.
HERE ARE OTHER INSTANCES OF HOW INSOLVENCY LAWYERS CAN HELP WITH YOUR FINANCIAL PROBLEMS:
- Publish the notice of your intention to voluntary sequestrate in the Government Gazette within the allowable time frame and notify the creditors in the prescribed way.
- Submit your application to the High Court of South Africa.
- Communicate with creditors, so you do not have to deal with their harassment.
- Advise you on when to stop all payments to creditors as to avoid one being benefited over the others.
- Represent you in court, so you do not have to attend the hearing.
- Negotiate with the appointed curator/trustee to allow for the buyback of your furniture from the estate at the low auction value.
Many more examples can be given on how insolvency lawyers can help you with your financial problems. Do not attempt to deal with creditors without legal guidance. Get in touch with our lawyers for guidance and professional assistance with voluntary sequestration in South Africa.
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.