Scotland has its own laws, but the country’s laws about going bankrupt as a means of clearing serious debt, are broadly similar to what you’ll find in the rest of the UK. For example, in Scotland there is a debt solution known as a Trust Deed which, while not the same, is broadly similar to an IVA. Ultimately, other debt solutions may also apply in Scotland as a better alternative to bankruptcy.
Thanks to the Debt Advice Trust, you’ll get offer you free, honest and impartial advice about bankruptcy in Scotland and how the country’s laws apply to your own individual situation. Our friendly, trained staff will help you decide whether bankruptcy really is your only option.
One free call to the Debt Advice Trust is all it takes
If you’re unsure about the bankruptcy laws in Scotland, or anything else to do with your debts, just give us a call. We can ensure you’re made aware of all the implications of going bankrupt. And if a Trust Deed is a better debt solution for you, then our advisers can put you in touch with a provider you can trust.
The consequences of going bankrupt
In Scotland, as anywhere else, there are serious consequences to going bankrupt. All your assets, including your house, will be taken into account to pay off your creditors. Plus you’ll need to be aware of the laws governing your future ability to obtain credit, become a company director and so forth. We can make sure you’re advised about all these things, so why not make life a little easier for yourself and give us a call.
Bankruptcy in Scotland FAQ's
- Q: What if only some of my assets are in Scotland?
A: This is more common than you might think. However, the Official Receiver has powers to take control of all your assets and to expect your co-operation.
- Q: What if my circumstances change during bankruptcy?
A: You are legally bound to inform your bankruptcy trustees if your income increases at all during your bankruptcy. This includes any money left to you in a Will or a redundancy payment.
