WE CAN MAKE THINGS BETTER
Sequestration is another term for bankruptcy, used in Scotland and is an arrangement to deal with debts that you are unable to pay. These payments can usually last for a period of 48 months.
Only available in Scotland
- You could be discharged from your debt within 12 months, as long as you co-operate fully with your Trustee.
- All unsecured debts are normally written off, although you may have to make contributions from your income for up to 48 months.
- Reasonably quick process.
- Can often be discharged from insolvency in 12 months.
- Debt forgiveness as all unpaid debts are written off.
- Creditors can take no further action and the bankruptcy is legally binding on all creditors.
- Payments from your income will be a maximum of 48 months.
- If your income is low and assets minimal, you may qualify for a Minimal Asset Process (MAP) bankruptcy. This means you might not be required to pay anything into your bankruptcy other than the application fee and could be discharged within 6 months.
- You could be barred from certain jobs such as Insolvency Practitioner or serving as a Company Director until you are discharged.
- Some creditors may ask about bankruptcy 6 years after it occurred.
- You could be made to sell your home or car to help pay off debts.
- It could damage your credit rating for up to 6 years