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.
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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.
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CREATIVE MINDS BEHIND THE CAMERA
A creative director, a filmmaker and a video director - three Ghanaian visionaries share their unique approach to fashion and visual storytelling
Body Odours You Shouldn't Ignore
A little whiff of sweat or muskiness may not be cause for concern, but some smells can signal a health concern that are worth taking a bit more seriously
THE MOST CONSISTENT IN THE GAME
K.O's greatest strength is his adaptability in the evolving music industry while staying true to his roots. From his days as a member of Teargas to solo hits like \"Caracara\" and \"Sete,\" he proves that he is always one step ahead
POWER & PASSION
Off the field and comfortable with SA rugby's MVPs, Eben Etzebeth and Cheslin Kolbe
GUNNING FOR GLORY!
BURNING UP THE GLOBAL STAGE, BLXCKIE HAS A THING OR TWO TO SHOW US ABOUT SUCCESS
Final Edition
From 2025, Jaguar will go fully electric. To say farewell to their internal combustion felines, our motoring editor Dieter Losskarn joined the megabrand in taking their latest F-Type sportscar on one last lap
WRITING THEIR NEXT CHAPTERS OF SUCCESS TOGETHER
The collaboration between Bisquit and Dubouché and Kwesta is kicking into gear with an initiative to drive a new wave of pioneering spirits
Exceeding all the Hype
Group managing director at Fairlawns Boutique Hotel and Spa, Michael Kewley injected charm and artistry into the space, elevating its status of luxury
Grand Cruiser
Our motoring editor Dieter Losskarn was pleasantly surprised by how much he liked the new Prado. In fact, it is one of the best SUV/4x4 vehicles he's driven in a long time. Here's why...
Why Does Everyone Have Big, Fake White Teeth Now?
Veneers were once a dirty secret. Now, they're a luxury status symbol and the famous and wealthy are flocking to Hollywood's favorite dentist in search of even more perfect smiles
