Is achieving financial freedom possible or is it merely an unrealistic fantasy? How can I know if my financial decisions are reasonable and if these might result into bankruptcy or not?
When you experience financial difficulties in your business, it is sometimes better to walk away from the business and find a liquidation expert that will do an efficient business liquidation.
Does CureDebt truly represent South Africa's premier debt relief expert? 10 reasons why CureDebt is the best debt relief expert in South Africa. We can proof it.
DECLARING BANKRUPTCY
In layman's terms, declaring bankruptcy implies the following:
You are bankrupt or insolvent if your liabilities exceed your assets. This is a valid reason to file for bankruptcy, also known as insolvency, surrender of estate, and sequestration.
Consulting with an insolvency expert, who can explain bankruptcy in South Africa, the process and remove misconceptions about sequestration, should be your first step in addressing insurmountable debt.
To better handle multiple liabilities, many South Africans have turned to debt consolidation. Debt Consolidation in South Africa can be one of two things, namely:
1.
DEBT CONSOLIDATION LOAN
One loan that settles all your debts, which you repay to take advantage of the lower interest rates and a combined lower instalment towards the debts; or
2.
DEBT COUNSELLING / DEBT REVIEW
Rather than taking out a loan, you can consolidate your debt into one manageable monthly payment and work with a trained debt counsellor to negotiate reduced interest rates with your creditors through a debt review or debt counselling programme.
Putting together Debt Managment Plans form part of a Debt Relief Experts' job description and they are well versed in all the different debt management plans available in South Africa. In some instances, even abroad. However, we are mostly in South Africa. Therefore, debt management plans are very complicated and need to be managed properly to be effective.
