After rehabilitation your sequestration status is lifted. Your credit record at the credit bureaus is also cleared.
REHABILITATE FOUR YEARS OR TEN YEARS OR SOONER AFTER SEQUESTRATION
You can apply to Court for rehabilitation FOUR years after date of sequestration.
You can also wait for ten years because then you are automatically rehabilitated and you do not have to approach a Court.
YOU CAN REHABILITATE SOONER
You can apply for rehabilitation before FOUR YEARS under the following circumstances.
REHABILITATION SIX MONTHS AFTER SEQUESTRATION
You can apply to be rehabilitated six months after date of sequestration if no creditor proved a claim against your insolvent estate.
GET REHABILITATED SHORTLY AFTER SEQUESTRATION BY PAYING 50% OF ALL DEBT
You can also offer to pay 50% of all your outstanding debt after sequestration.
Once you have paid all the costs in the estate you can apply for rehabilitation even if it is only a few months after date of sequestration.
GET REHABILITATED AS SOON AS ALL CREDITORS WERE PAID
If the proceeds in your insolvent estate was sufficient to pay all creditors, then you can apply for rehabilitation almost immediately.
For example if there was a house that was sold for enough to settle all debt then you can also apply to be rehabilitated sooner
THE PURPOSE OF BEING REHABILITATED
Allows you to take part in the economy again.
Being rehabilitated is to leave the past behind and go into a new future in a better financial position without being dragged down by a bad history.
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