Help Me with Insolvency
Have you reached the end of a downward spiral? Are you juggling multiple credit cards on loans, car repayments, bond, school fees, and living expenses? Have you received a few of those scary pink or yellow letters that demand payment and threaten legal action or even repossession?
So, you have racked up unmanageable debt. If it makes you feel any better, according to an FNB study, 77% of South Africans are flat broke at the end of each month and save no money at all1, leaving them with very little to survive on. Times are tough, but until things get better, which they will, it is not easy to survive in today’s difficult financial climate with sky-high interest rates, bank charges, water and electricity increases, and food prices that have gone through the roof. Many consumers and South African businesses are teetering on the edge of insolvency.
Many South Africans have become heavily indebted. Things are so bad that, according to figures from the National Consumer Regulator, each month around 6000 vehicles and 2000 homes are taken to the auction floor2. As you can see, many South Africans are struggling just to stay afloat, which is why many homeowners and entrepreneurs have turned to insolvency for help. Another term for bankruptcy and liquidation, insolvency is the financial state in which a person or company can no longer meet its debts. If you have reached financial dire straits and owe more than R80 000, insolvency can set you free and allow you to eventually begin all over again, with a clean credit report.
We Can Help You Start Over Again
As the law firm of choice for South African businesses, financial institutions, major corporations, and everyday individuals, we are here to tell you that you are not alone and that we can help you through the insolvency process. Dealing with hundreds of legal, insolvency, and liquidation troubles each day, we are a passionate team of attorneys who understand that you are just a person or business that has been wounded by our tough economy.
As a potential way out for the over-indebted who are about to lose their hard-earned assets, insolvency is a surrender of your estate, which means you are officially declaring yourself insolvent. Widely regarded as having many benefits, not only do you get to walk away from a large portion of your debt, but all your judgments fall away, and you also get to choose the assets you would like to sell at market-related prices. To learn more about how we can help you with insolvency, chat to an attorney at Velile Tinto & Associates today.