BANKRUPCY IS A LEGAL PROCESS THAT
ALLOWS INDIVIDUALS AND BUSINESSES TO ADDRESS THEIR FINANCIAL STRUGGLES BY SEEKING RELIEF FROM THEIR DEBTS. It provides a structured framework for managing and, in some cases, discharging debt, offering a chance for a financial reset. While bankruptcy offers a fresh start, it also comes with important implications to consider. Bankruptcy will have a negative impact on your credit score and will remain on your credit report for several years. However, rebuilding your credit over time is possible through responsible financial practices. Depending on the type of bankruptcy, you may need to relinquish certain assets. However, there are exemptions that allow you to protect essential assets, like your home or car. Despite the initial challenges, many individuals find that their financial situation improves after bankruptcy. By managing finances responsibly and rebuilding credit, you can work towards future financial opportunities. Navigating the bankruptcy process can be complex, and seeking professional guidance is recommended. Attorney Simon Dippenaar from Simon Dippenaar & Associates Inc. explains the intricacies of filing for insolvency.
GQ: Can you briefly explain what bankruptcy is and its main purpose in the legal system?
SD: For the purposes of this article I am going to refer to any juristic person (a company and/or close corporation) as “a company.”
Denne historien er fra October - November 2023-utgaven av GQ South Africa.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October - November 2023-utgaven av GQ South Africa.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Katt Williams The Man Who Opened The Portal
In January 2024, the comic delivered an instantly iconic podcast interview that threw pop culture into crisis. He seemed to predict all messy celebrity gossip to come. At home on his farm, Williams explains why he said what he said - and why he'd do it again and again and again...
STAGE PRESENCE
Kat Sinivasan leaves a lasting impression with his magnetic performances in TV, music and live hosting
The Rockets Man
Founder of one of SA's top lifestyle brands, Sean Barber has made a unique mark in the restaurant industry with his determination and creativity
THE CALL OF THE OPEN ROAD
In South Africa's diverse landscapes, vibrant cultures and breathtaking natural wonders, the allure of a summertime road trip is impossible to resist
End of Year, End of Us
The holiday season may seem like an odd time to end things. Here's why so many relationships come undone in December, and how to make a graceful exit
Key Habits If You Want to Live a Longer, Better Life
These five practices by the longest-living people in the world will help you enjoy longevity and quality moments as the days go by
Master of the party!
The modern man's guide to being the ultimate host
Travel grooming essentials
Whether you're headed to the humid tropics or the cooler Mediterranean regions, remember to pack in your must-have products
Jet-set style
Whether you're heading abroad or exploring closer to home, these stylish picks ensure you'll be ready for anything, anywhere
Scripting success
Lungelo Tyson Mathonsi has had an eventful year. Joining the cast of three major productions, he is making his mark as a rising star in South African entertainment
