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Sequestration - Who will find out that I am bankrupt? |
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The only public notice of your bankruptcy will be in the Edinburgh Gazette which is an official publication and not usually bought by members of the public.
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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you to court to enforce or demand you repay a debt or you must have been on a debt payment programme under DAS that has been revoked and one of the creditors in the DPP have been to court and obtained a decree on one of the debts.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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