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Scottish Bankruptcy Help and Information |
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Bankruptcy is Scotland is known as Sequestration and is slightly different from bankruptcy in England and Wales.
If your debt is becoming unmanageable then sequestration can be an effective solution. Once sequestered you will no longer be responsible for your debts and can look forward to restoring your credit file.
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Scottish Bankruptcy Process |
To be sequestrated you must owe at least £1,500 and either:
one or more of your creditors must have taken you to court to enforce or demand you repay a debt or you must have been on a debt payment programme under DAS that has been revoked and one of the creditors in the DPP have been to court and obtained a decree on one of the debts.
This situation is termed Apparently Insolvent.
Read full article..
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Scottish Bankruptcy Pros and Cons |
Anyone can be sequestrated if you owe over £1500 and are struggling to make repayments when they fall due.
Creditors are legally no longer allowed to harass you for payment and no further action can be taken.
The debt will be wiped off completely.
Pensions and benefits will not be affected.
Could be Discharged from sequestration within 12 months
Read full article.. |
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Scottish Bankruptcy Explained |
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To proceed with sequestration you will need a petition to be completed. The petition can be lodged by either yourself voluntary, a creditor whom is owed more than £1500 or in the case of a failed trust deed, the trustee.
Once your petition is complete you will need to hand this into the Court and pay the filing fee of £63. When the sequestration has been granted the court will order any of your high value assets to be transferred to the trustee who will then try and sell them in order to raise capital for your creditors.
Sequestration orders are usually in place for around 1 year after which you are then discharged and released from the restrictions of the sequestration. Once you are bankrupt you are no longer liable for your debts and your creditors are no longer allowed to take action against you for any amount that you owed. |
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