This is when you make a formal declaration that you have become financially insolvent, in this case the court will issue an order declaring you to be legally incapacitated to pay off your debts. This occurs when all your liabilities exceeds your assets. With sequestration your assets will be sold to the highest bidder.
Upon sequestrating, you will not be allowed to apply for any type of loan for a period of up to ten years. Additionally all credit bureaus will be notified so that they have your name fagged and or enlisted for a period of up to ten years. However, the process allows you to apply for rehabilitation five years from the date which the sequestration order was granted.
Sequestration cases can be brought before a magistrate or a judge whilst permission for rehabilitation will be given by a trustee.
This debt solution must not be taken lightly as it will have a long term impact on your credit profile. At DebtHub, we have partnered with seasoned and well experienced attorneys who offer sequestration services to clients who wants to declare themselves insolvent.
For more information and best advice on sequestration contact the DebtHub so that they assess your situation and should there be a need refer you to the best sequestration attorneys.