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Sequestration

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.

ADVANTAGES

  • 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.

CONSIDERATIONS

  • 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

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