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I have been considering going bankrupt and would be grateful for any advice about bankruptcy in Scotland.
I have debts that are being resolved through a Trust Deed. In other words I pay £150 per month and I don't have to deal with my creditors personally. I have been considering going bankrupt and I would be most grateful if you could give me any advice about bankruptcy in Scotland, please.
Sequestration is the Scottish legal term for bankruptcy. Sequestration is a legal process which results in a person being formally declared bankrupt by the Accountant in Bankruptcy (AIB) or a Court. When a person's estate is sequestrated his/her assets are transferred into the hands of a trustee, who will sell them with the aim of sharing the proceeds among the person's creditors. If the person applied for his/her sequestration on or after 1 April 2008, s/he will usually be automatically discharged from the sequestration after one year and, at this point, many of the outstanding debts will be wiped out and the person can start afresh, free from debt.
The consequences of sequestration can be quite serious and we would suggest that you sit down with a money advice worker and discuss exactly what is involved.
You can get further impartial advice and assistance from the following agencies:
Citizens Advice Bureau – details of bureaux can be found in the phone book or at www.cas.org.uk
CCCS (Consumer Credit Counselling Service): Website – www.cccs.co.uk
Telephone - 0800 138 1111.
National Debtline: Website – www.nationaldebtline.co.uk
Telephone – 0808 808 4000
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