The rehabilitation of an insolvent individual marks the conclusion of the sequestration process, lifting all associated disabilities and relieving the person from the burden of debts incurred before sequestration.
To attain rehabilitation, specific requirements must be met, rendering the insolvent person eligible. However, in some cases, rehabilitation occurs automatically after ten years from the sequestration date. Alternatively, an application to the High Court is necessary, often with the curator’s approval being a prerequisite for rehabilitating an insolvent estate.
Sequestration offers a viable solution for those overwhelmed by debt. Nevertheless, this intricate process demands the expertise, knowledge, and experience of a skilled attorney. If you are navigating financial challenges in South Africa, consult with a seasoned legal professional to guide you through this complex journey.
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