The truth about sequestration is that in some instances, it's a lifesaver, and in other instances, it can be to your detriment. To learn more about the truth about sequestration, the process, and what it entails, I suggest you read this blog. Christine, one of our knowledgeable professional debt solutions experts, crafted this blog post.
Many of you may wonder, "How do I really know that this is the truth about sequestration and not just someone who is trying to sound very smart and professional?" After reading this, you can call our office and request a conversation with Christine, who possesses a deep understanding of the process and its nuances. Not only sequestration but also each and every other debt solution available in South African law.
False information on the internet about sequestration's implications inspired the idea of telling the truth about sequestration. In modern society, the biggest issue is that anyone can write about any subject and post it on the internet as the truth, when in fact it is bits and pieces of the truth mashed together but filled with incorrect information.
This information may appear to be accurate, but it's misinformation about the sequestration process. Unfortunately, not everything you read on the internet is the truth. The goal of this blog post is to inform anyone who is searching for information about sequestration and all it entails.
BUSTING EIGHT MISCONSEPTIONS ABOUT SEQUESTRATION
1. Seek legal counsel. To start the process of sequestration, the first thing you need to do is consult with a qualified attorney in the field. Your attorney will evaluate your current financial circumstances and provide you with guidance regarding whether sequestration is the most suitable choice for you.It is better and more cost-effective to contact a debt solutions expert who can advise you on the various debt solutions available in South Africa for over-indebted individuals and businesses.________________________________________________________________________________
2. To initiate sequestration, you must first file an application for a sequestration order with the High Court. All you must do is fill out the appropriate paperwork and send it to the court.
It is indeed a High Court application. Professionals specialising in insolvency law draft the formal court application, not you.
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3. Creditors will be notified of your intention to sequestrate once your application has been submitted to the court. The sequestration order is subject to objection by your creditors.
Creditors are notified of your intention to surrender your estate prior to the application being in court and after a court date has been obtained.
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4. Inquiry: Following the submission of your application, a trustee will be appointed by the court to investigate your financial affairs. The trustee will conduct an evaluation of your income, assets, and liabilities before providing a report to the court.
You must conduct this investigation prior to the court application, as it is the only way to demonstrate to the court that your liabilities outweigh your assets.
The Debt Solutions Expert completes this investigation before advising you on the appropriate course of action, if any. All the information is already in the court bundle. However, there is certain documentation that you need to submit to the curator or trustee to aid them in finalising the estate._______________________________________________________________________________
5. Sequestration order: The court will issue a sequestration order if it determines that you meet the requirements for it. Two local newspapers and the Government Gazette will both publish the order.
Unless explicitly stated as part of the court order, the sequestration orders remain unpublished._______________________________________________________________________________
6. Asset transfer: Once the sequestration order is approved, you must relinquish control of your assets to the trustee. The trustee will sell your assets and use the cash to repay your creditors.
Once the application is approved, the curator or trustee will take control of your assets and liabilities. However, you will not lose your movable assets in an insolvent estate. You'll be able to buy it back from the insolvent estate without it ever leaving your premises._____________________________________________________________________________
7. Rehabilitation: After selling your assets, the trustee will transfer the proceeds to your creditors. Any remaining debt will be written off. You will be rehabilitated.
You will need to apply for rehabilitation in the High Court of South Africa once you adhere to the rules and regulations of the Insolvency Act 24 of 1936.___________________________________________________________________________
8. Discharge: After completing the rehabilitation order, you will be released from sequestration. Your credit report will reflect the insolvent status, making it difficult to obtain credit in the future.
Once the rehabilitation order has been granted, you are no longer insolvent. If you’ve had assistance from a professional NCR-Accredited Debt Solutions Expert, they will assist you in clearing your credit name, and you will be able to partake in the economy once again.___________________________________________________________________________
It is important to remember that the sequestration process is a complex legal process, and if not dealt with in a professional and correct manner, it can be a very stressful and frustrating process. Therefore, we recommend consulting with a
qualified NCR-accredited debt solution expert before proceeding with any debt solution.
Steer clear of those that aren't authorised NCR-registered debt relief solutions service providers. It really is that simple. Any practitioner specialising in debt relief solutions is required to be NCR-registered because debt relief solutions practitioners are monitored by the National Credit Regulator (NCR).
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BECOME DEBT-FREE TODAY...Disclaimer: This article is for information purposes only and does not constitute legal advice. Call on CureDebt rather than relying on the information herein to make any decisions. The information is relevant to the date of publication. 
