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Trying to get out of debt? Start by understanding what you owe, what you can afford and whether selling financed assets, negotiating repayments or another debt solution could help.

If you can't afford your debt anymore, the first step is to determine whether the problem is temporary or whether your debt has become permanently unaffordable. Here are the options available.

Whether sequestration or company liquidation, an insolvency practitioner plays an important role in these legal processes. Insolvency Practitioners, or IPs, help you navigate the legal situation during your financial distress. In this article, let us understand the role of an insolvency practitioner during bankruptcy in South Africa.