Voluntary Surrender of Estate process duration
So, we have mentioned before that Voluntary Surrender of Estate is considered one of the fastest ways of becoming debt free.
Here is a breakdown of the duration of the entire process with emphasis on the most important factors.
With Senator Counsellors, clients have the option of paying the legal fees, which amount to R12 000 in monthly instalments prior to the process’ initiation.
This is the preferred method among clients and that is the factor prolonging the duration of the process to 23 months.
If individuals can afford the legal fees upfront, the duration of the process can decrease significantly.
It is, however, important to note that each case at Senator Counsellors is handled on its own merits.
In terms of your creditors getting off your back; your application will be published in the Government Gazette. This will stop all legal process against you and it also prohibits creditors from initiating legal action.
After this, the application is taken to the high court for inspection, which takes around 14 days.
Thereafter, if all is in order, your creditors will receive a registered letter informing them that you had been approved for Voluntary Surrender of Estate and they are thereby ordered to deal directly with your appointed advocate and not with you.
When it comes to having your name cleared, under normal circumstances it takes about six months after the high court order has been obtained.
Yet again, each case is handled on its own merits.