Sequestration Bankruptcy


What is it and is it right for you?

Sequestration is a debt solution which is available to you if you live in Scotland. It can help you write off debts that would otherwise take years to clear.

Sequestration is a form of insolvency and is the right option for you if you fail to repay your debts within a reasonable time. The assets you own such as your house or car can be sold to pay off your debts.

If all your regular payments are up to date or if your assets are worth more than your debts and you can afford to keep paying them, sequestration is the wrong option for you.

Sequestration has serious implications that will affect your future and should never be ignored.

If you live in Scotland, Sequestration will be available, whereas if you live in either England, Wales or Northern Ireland, Scottish bankruptcy is a similar solution but it is important to note that it has different risks, fees and benefits associated with it.

Pros Cons
In a short amount of time you will be debt free. Whatever assets you own such as a house or a car will be sold to release funds for your sequestration.
Your Trustee becomes an intermediary between you and your creditors, dealing with all correspondence relating to your debts. It may have implications on your job. i.e: you will not be able to act as a company director.
You will receive no contact from your creditors. You will find it difficult to take out credit as sequestration will remain on your credit file for six years.

 

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