Bankruptcy (Sequestration in Scotland)
Often people think of the word “bankruptcy” as too serious to contemplate. However, for those that need it, bankruptcy can offer a way to get back on track and start again.
Complete our free debt advice tool to see if you qualify for bankruptcy.
For those that need it, bankruptcy can be incredibly freeing – a way to get you back on track.
Bankruptcy, or sequestration in Scotland, is a debt solution that allows you to take back control of your finances.
Often, people associate the word ‘bankruptcy’ with negative implications only; however, bankruptcy can also be incredibly freeing to people who have become overwhelmed with debt and need to get back on track.
If it is unlikely you will be able to repay you debts in full and if it’s also unlikely creditors will agree to a trust deed, bankruptcy may be an option for you. In a bankruptcy, you will only pay what you can afford towards your debt over a fixed period of usually 4 years.
Cleanslate® will contact your creditors to inform them you have been made bankrupt and give you legal protection from any action they may wish to take. Whilst you will be required to pay what you can afford for four years, if you have co-operated with your Trustee, you may be discharged after one year. This means that the restrictions of bankruptcy would no longer apply. Of course, the agreed payments would need to continue throughout the four-year period.
The Cleanslate advisers will ask you some simple questions to fully understand your financial circumstances. Applying for bankruptcy is a serious step to take so if bankruptcy is not right for you, they will advise you of other options that might be more suitable.
How do you apply for Bankruptcy in Scotland?
Before applying for any debt solution, from any provider, you first need to get debt advice. You should never start a debt solution without first knowing all the options.
It’s impossible to enter a solution with a regulated organisation without getting debt advice first, so any firm that offers to enter you into a solution straight away is probably unregulated and should be avoided.
Most providers will need you to book a telephone appointment so they can give you initial debt advice. These can be lengthy – usually an hour or more – and not everyone is comfortable discussing their situation with a stranger on the phone. At Angel Advance, we recognise that this can, for some people, be a barrier to getting help, so we have made it as easy and stress free as possible.
Our online service allows you to complete initial debt advice completely online. You don’t need to speak on the phone unless you want to. You don’t even need to provide a phone number, just your email address so you can save your progress and we can email you a copy of our advice.
At the end of your enquiry, we’ll present you with your options, and let you know which one we recommend for you. You then have the option to apply, or you can save your progress and come back later once you’ve taken some time to consider your options. When you’re ready to make an application, it’s simply a case of booking a phone call to discuss your chosen solution in more detail.
Rest assured much of the initial work has already been done by this time and the information you’ve provided will be shared with your advisor, so you don’t have to do it again.
If you prefer to get help over the phone from the start, you can book a telephone appointment for a date and time to suit to you. We work hard to design our services to suit you and your needs. Talking about debt is never easy, so communicate with us in whichever way makes you most comfortable.
Key advantages of bankruptcy in Scotland:
Frequently Asked Questions:
How We Help You
1. You can get confidential debt advice online or over the phone with us.
2. We’ll recommend the best solutions – completely based on your individual circumstances. We include every available solution in the UK.
3. If you choose a Scottish debt solution, Cleanslate™ will take care of everything. They will speak to your creditors and take care of all the paperwork.
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You can save your details and come back any time. Work at your own pace and edit/change your details until your situation is all accounted for. Help is at hand if you need it.
To find out more about managing your money and getting free and impartial debt advice, visit www.moneyhelper.org.uk, an independent service set up to help people manage their money.