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Bankruptcy In Scotland

For people in Scotland struggling with unmanageable debts, sequestration may be the best option. If you’re a Scottish resident considering declaring yourself bankrupt, our friendly advisors can guide you through the options and help you take control of your finances.

Customers can get free debt counselling, debt adjusting and providing of credit information services from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service click here www.moneyadviceservice.org.uk

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What is Sequestration?

It is the Scottish term for Bankruptcy, you must owe more than £3,000 to your creditors and be unable to pay your debts.

Assets you own, such as your house or car may be sold to pay off your debts. You may also be required to make payments for up to 4 years.

Sequestration may have serious implications and the decision to enter sequestration should not be taken lightly.

If you are struggling to repay your debts speak to one of our advisors today.

Pros & Cons of Sequestration

Advantages of Sequestration
  • Once you have been sequestrated, included creditors are unable to pursue you or take any legal action against you to recover what they are owed
  • Your Trustee (this may be an IP or the Accountant in Bankruptcy) will contact your creditors on your behalf
  • Provided you co-operate fully, the Accountant in Bankruptcy may grant your discharge at the end of one year
  • If you are receiving welfare benefits, these will not be classed as income for the purpose of calculating your monthly contribution
  • Your included debts will be written off once you have been discharged
Disadvantages of Sequestration
  • Your sequestration will be displayed on an online Register of Insolvencies, which the public can search
  • Your credit rating may be affected and sequestration may affect your ability to obtain credit in the future
  • You may have to make payments for up to 4 years.
  • The fee for sequestration, paid to the Accountant in Bankruptcy, is £200
  • If you are a homeowner or have assets these could be sold to pay towards your debts
Sequestration Help & Advice

If you think sequestration could be the right solution for you, or wish to avoid sequestration contact Money Advisor to speak with one of our team today.

Call us now for confidential debt help on 0161 804 9999 or complete the form.

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