There is definitely hope after an insolvency. You can apply for rehabilitation to repair your name as “insolvent”. If you should prefer not to apply for rehabilitation, the sequestration will be held against your name with the credit bureau for 10 years, and you will not be able to make any debt within this time period. Debt before sequestration cannot be an issue – it forms part of the insolvent estate and is something of the past.
The Rules of Court states that you may apply for your rehabilitation:
- 6 months after first meeting with creditors were held and no claims were proved
- Or one year after the L & D is confirmed by the Master of the High Court.
- Four years after the date of sequestration and with the L & D account confirmed by the Master of the High Court.