WHAT IS VOLUNTARY SURRENDER OF ESTATE?
This a court application where you as the applicant applies for the surrender of your estate which is a layman’s terms a sequestration of your own estate. This means that you will be an insolvent person. The process can commence at any given time, even if you are under debt counseling, which debt counseling application will be terminated. Your attorney will assess your financial situation which will draft the necessary court documents explaining your assets and liabilities. This is a difficult legal and administrative application and the attorney must have the relevant knowledge and experience for these type of applications.
Any person and legal trust may apply for the voluntary surrender of his/her estate. During the application all creditors will be informed as prescribed by the Insolvency Act.
All the necessary documents and requirements will be dealt with where after a court date will be obtained at the High Court and the process will commence. The legal team appointed for this application and process will appear in court on your behalf.
In terms of Section 5 of the Insolvency Act creditors are refrained from executing, attaching and removing assets, after the process has commenced.
The above process will assist you to be debt free! Avoid legal action, emotional distress and Sheriff’s knocking on your door, legal fees and further interest!
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