Voluntary Surrender

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What are the Advantages?

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What is Sequestration?

Many South African consumers are succumbing to an insurmountable amount of financial pressure. This is due to many factors and is really a consequence of the economic times that has existed from mid-2007. The cost of living has increased and consumers increasingly supplement their cardinal monthly expenses with credit cards and unsecured loans.

WHAT ARE THE ADVANTAGES?

If you own a fixed property that is bonded, all your debt will be written of once the order for the surrender of your estate has been granted.
If you do not own a fixed property, all your debt will be included in the application and once your contribution percentage has been paid the balance of all debt is written off.
You will no longer need to communicate with any of your creditors. Our attorneys appointed to deal with the surrender of your estate will handle all further communications with your creditors.
After your voluntary surrender your FULL income will remain your own.
All garnishee orders against your salary will be stopped or cancelled as soon as the court order has been granted and the necessary documents sent through to your HR department.
You will in all likelihood be able to keep your furniture - it will not be sold on auction.
You will be able to keep your vehicle if it is not financed and in certain circumstances where the vehicle is leased.
You do NOT need to appear in court.
If you own a fixed property, you will be able to apply for rehabilitation within 4 years after your voluntary surrender of you estate.
If you did not own a fixed property, you will be able to apply for rehabilitation within 18 months after your voluntary surrender of you estate.
After rehabilitation your credit record will be cleared and you can continue debt free with your life.

THE SEQUESTRATION PROCESS:

You will be required to complete an application form with your personal information as well as information regarding your creditors.
Upon receipt of your fully completed application form as well as payment of the required fee, we will forward your application form to our attorneys.
It is important to note that we are not in a position to give you any formal legal advice, but will refer your application to our Attorneys, who will provide you with all the necessary legal advice that you may require.

WHAT ARE THE DISADVANTAGES?

You will be insolvent for at least the next 18 months if you did not own fixed property and for a period of 4 years if you did own a fixed property.
For your insolvency period, you will not be credit worthy. You may under certain circumstances request permission from your curator to apply for credit,
You may not have a current account or a credit card facility. You may under no circumstances incur any debt.
You need to apply for rehabilitation after your sequestration period is over.

The Sequestration Process

What are the Disadvantages?

Voluntary Surrender

THE PROCESS WILL INVOLVE THE FOLLOWING:

The attorney will publish an advert in the Government Gazette and in a local newspaper
This document is submitted for inspection at the Master of the High Court for 14 days or with the local Magistrate’s Court.
Thereafter a registered letter is forwarded to all your creditors as notice of the surrendering of your estate.
Your creditors thus contact me for information. You will also be provided with the same notice to enable you to forward to problematic creditors.
The South African Revenue Services are also notified, even if you are not registered with SARS.
At the day of the Court proceedings an Advocate will represent you; there will be no need to attend any court hearing in person.
After the application has been approved and granted by the Court, a curator is appointed to handle all financial matters on your behalf.
The curator will contact you to arrange a consultation to explain the details to you and to confirm details in respect of your assets.
Failure to comply with the arrangement made with the curator may result in removal of the furniture.

The Process

Involves?

WHAT COSTS ARE INVOLVED?

Administrative Fee: A quotation will be provided as soon as an assessment of your profile is done.
Apart from the administrative fee, the court rules regarding sequestration determine that you need to pay 22c for every R 1.00 owed to your credit providers.
If for example you have debt to the amount of R 160 000.00, you need to pay R 36 000. This amount can be paid over 18 months, which comes down to a monthly instalment of R 2000.00 per month. This however, does not apply when you own a fixed property.

What are the Costs Involved?

WHAT IS SEQUESTRATION AND HOW WILL YOU BENEFIT FROM IT?

Sequestration is a legal process by which you are declared insolvent by an Order in the High Court
In terms whereof certain of your assets are handed over to a trustee,
After a Trustee is appointed according to the rules of the Insolvency Act, the Trustee must sell your assets.The proceeds of the sale of your assets are divided amongst creditors in a manner which is prescribed in the Insolvency Act.
Surrendering your estate through sequestration will enable you to regain normality in your financial affairs.
You will be able to adjust your lifestyle to be in line with your available budget, without creditor headaches.

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