The court will grant voluntary sequestrations to customer. The court will appoint an Administrator or Trustee who will be in control of your estate. The customer will surrender all assets to administrator. All assets will be sold by Administrator. Cost will be subtracted and the rest will be divided between all creditors. Any balance left on the account of the customer will be written off by creditor. Creditor may not pursue customer anymore.
This is the biggest advantages of sequestration. The customer will come out clean with no debt at the end of the process. The customer will have a clean start in live. No creditor or debt collector may call you for outstanding money again. For many people this is a great option to get rid of all the creditor calls and sleepless nights from worrying about your debt.
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