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What is sequestration?
This is the Scottish legal term for personal bankruptcy whereby an individual is made bankrupt by the Court.
What will happen to my assets in a sequestration?
Assets and property of the bankrupt will be transferred to a Trustee to determine if it is commercial to realise them for the benefit of creditors.
Will I have to pay something each month to my creditors whilst in sequestration?
After examining your finances, the Trustee may decide that you can afford to make a monthly contribution to your creditors; especially if you are in regular paid employment.
What is self-sequestration?
This is when an individual petition their own bankruptcy... but they will need to owe at least £1,500 and not have been bankrupt in the last five years. This has to be done through an approved money adviser.
Are there any advantages with sequestration?
What are the disadvantages?
Do I have any other options other than sequestration?
Yes, there are alternatives, you can consider: