When a debtor is unable to pay his debt the
creditor may issue summons and obtain judgment
against the debtor. If the debt is for an
outstanding bond then the
creditor (bank) may proceed to sell your house
on an auction, usually at a ridiculous low
price. You will be liable for the difference
between the selling price and the outstanding
amount of the bond. This is enforceable for 30
The creditor (bank) may then re-issue the
warrant and attach your moveable assets like
After all your assets have been sold the
creditor may garnish your salary in terms of
section 65 of the Magistrate’s Court
Voluntary surrender of estate will avoid the
above mentioned problems if steps are taken
immediately as it is not possible to
sequestrate without assets.
Voluntary surrender/ sequestration is a legal
process that is regulated by the Insolvency Act
and may assist you.
It is the only way to get permanently rid of
all your debt. You get to keep your salary and
no monthly payments towards old debt are
If an auction has already been scheduled we can
stop it if you react in time.
We will evaluate your situation and advise
Get professional advice from a qualified
Contact Michael Senekal at 082 873 7917
for a free telephonic
We assist in the Gauteng, Mpumalanga, Limpopo
and North-West Provinces.