THE SEQUESTRATION CASE OF MR AND MRS Z
Mr and Mrs Z were married in community of property and experienced serious financial problems.
They were desperate for help as they could not deal with the stress any longer.
During an insightful consultation with us, we advised them to sequestrate.
They decided to follow our advice.
They owned a house that was bonded by the bank for R1million. They also had other debt totaling R200 000, such as personal loans and credit cards.
They also owned a vehicle and furniture that was fully paid.
After sequestration they were so grateful because all their debt problems disappeared almost immediately and they could build up their finances.
After sequestration, the house was sold at an auction for R850 000. The curator that handled the winding-up of the insolvent estate, paid the monies over to the bank, as the bank was a secured creditor.
The bank had to write the balance of R150 000 off, as they could not collect it (ever) from Mr and Mrs Z.
Further, Mr and Mrs Z stayed in the house free of charge for about 4 months until the curator gave them notice to vacate the property. This helped them a lot to get back on their feet financially as they were able to save on not paying rent or a bond, but had a place to stay.
THE OTHER CREDITORS
The other creditors were paid nothing and they had to write all the outstanding balances off, because after a sequestration a creditor cannot claim any debt from an insolvent debtor.
FURNITURE AND CAR
Mr and Mrs Z stayed in possession of their furniture and car. They bought it back from the curator and arranged with him to pay the amount off.
SEQUESTRATION IS THE SOLUTION
If you experience financial problems, there is no better solution than to get rid of the debt by means of sequestration.
CONTACT US today so that we can determine how we can help YOU.