Will I really be debt free?
Yes. All debts and creditors claims, prior to date of sequestration, vest in the insolvent estate and regarded as settled at date of rehabilitation.
Will I lose my pension?
No. Section 23(5) read with 23(9) & Section 23(7) protects your income together with any pension benefits that you may receive.
Many of my creditors have already started legal action.
Sections 20(1)(b) stops all legal action by or against the insolvent in terms of the insolvency act.
Creditors are phoning me day and night. They say they wont stop until I paid my debt.
During the application for voluntary sequestration, you refer all creditors to us and we will correspond and deal with them.