How to explain bankruptcy in South Africa ...

Bankruptcy Law in South Africa, similar to U.S. law a person can eliminate most if not all of their debts for a fresh start. ... .In general, you should consider the petition in bankruptcy, if you do not have money to pay your creditors and your creditors take legal action against you. ... .In such cases it is advisable for bankruptcy protection in South Africa creditors.Difficulty file on your assets: ModerateInstructions1Navigate South Africa Department of Justice and Constitutional Development website. ... .Download the "Statement of Affairs form. ... .Fill out the form with your name, address, your creditors, the addresses of your creditors and the amount owed each creditor. ... .You must also include a list of all your property, personal property and income. ... .Sign and date the declaration of things. ... .To be filed with the Registrar of the High Court of South Africa. ... .You must also serve the Master of the High Court for Insolvency.2Publish in the Official Journal of the South African government the views of insolvency within 30 days of filing the statement of affairs. ... .You will be protected by bankruptcy or insolvency law in South Africa in this publication. ... .It can try the creditors to do more to your assets.3Draft a notice of motion for the application of the bankruptcy hearing in the High Court .. .Visit to form the Office of the Registrar of the Superior Court for a notice of motion. ... .In most cases, no appearance is necessary before the court and the court grants your request for bankruptcy ....