Debt Advice Scotland provides a bankruptcy service to clients throughout Scotland.
What is Bankruptcy?
Bankruptcy is a legal step of dealing with your debts when all other options have failed or are not right for you and your financial circumstances.
Take care with bankruptcy as the consequences are far-reaching and
you should not enter into bankruptcy lightly and without expert debt advice.
What Happens in Bankruptcy?
The bankruptcy process starts when a debtor (the person owing the money) is declared bankrupt by the Sherriff or the Accountant of Bankruptcy.
If you are declared bankrupt, you will have to hand over your estate – including your home – to a trustee.
You will be able to keep items and possessions for everyday use and you will be expected to make a payment from your monthly income.
You can also apply for bankruptcy – this is called “debtor petition” or “voluntary bankruptcy”.
Not all debts can be included under bankruptcy, which is why it is important to consider all the options first.
How Much Does it Cost?
We will give you up-to-date information at the time you decide that filing for bankruptcy is the best option for you but, as a guide, court fees are around £175 and a deposit of £525 is made to the Official Receiver.
Consider all the options BEFORE bankruptcy
Bankruptcy can affect you in many areas of life and you will need to consider these consequences before you opt for bankruptcy. Some professions, for example, will not allow people to practice of they are an ‘undischarged bankrupt’ (in the process of bankruptcy) such as police officers, accountants, armed forces personnel, solicitors, insurance representatives etc.
How Debt Advice Scotland Can Help You:
- Offer the best advice about ALL options open to you
- If bankruptcy is the way forward, we will guide through every step of the bankruptcy process.
Debt Advice Scotland offer advice on a wide range of debt management options to suit all debt problems and personal financial situations. Contact Debt Advice Scotland today for to talk to one of our friendly, customer advisers.
Where We Can Help
Debt Advice Scotland provides bankruptcy services for customers throughout Scotland, including: