Struggling with Debt?
What is Bankruptcy?
Bankruptcy, or 'sequestration' as it is known sometimes in Scotland, is what you can apply for if you cannot pay your debts as they fall due.
The rationale behind bankruptcy is that it can free you from overwhelming debts in order that you can make a fresh start. However, given that there are a number of disadvantages you could face in seeking bankruptcy, for example the possible loss of any house you own, you will need to assess your options very carefully before making the decision to do so.
How do I apply?
If you have debts in excess of £1,500 and have received either of the following documents:
1. Charge for Payment
2. Summary Warrant in respect of Council Tax arrears
then just arrange an appointment with us by calling 01389 762266. We will be able to take you through the advantages and disadvantages of bankruptcy, in order that you can make an informed decision as to how you wish to face your financial difficulties.
If you instruct us to apply for your bankruptcy, we will help you fill out the appropriate form and lodge it in Court, and will apply for financial assistance from the Scottish Legal Aid Board if appropriate. Once your bankruptcy is declared, the Accountant in Bankruptcy will take hold of your estate and administer it on your behalf until you are discharged, providing guidance to you throughout if necessary.
Are there alternatives?
Yes. We can take you through these at any point you find yourself in financial difficulty. For example, you may be able to enter into a debt repayment programme which would involve your creditors (ie. those to whom you owe money) receiving an agreed amount in settlement of your debt to them. However, in order for you to access such an option, you would need to have some disposable income and have all your creditors agree to the arrangement.
So if you are in financial difficulties and wish to explore your legal options, give us a call today and we will be happy to guide you through them.