Scotland
Sequestration
Scottish bankruptcy. Most people are discharged after twelve months.
- Typical term
- Usually 12 months
- Type
- Formal insolvency
- Available in
- Scotland
What it is
Sequestration is the Scottish form of bankruptcy, administered by the Accountant in Bankruptcy. Qualifying debts are written off at discharge, and contributions may be required from surplus income for up to four years.
Who it tends to suit
- You live in Scotland
- Your debts are beyond realistic repayment
- You have limited assets
Benefits
- Qualifying debts written off
- Creditor enforcement stops
- Clear statutory process and timescale
Things to weigh up
- Assets, including property equity, can be realised
- Contributions may run for up to four years
- Recorded publicly and on your credit file for six years
If you own your home
Equity in your home is part of the estate. Advice is essential before applying as a homeowner.
Not sure this is the right fit?
The finder compares this against every other UK route based on where you live and what you owe.
Compare my optionsMay not be suitable in all circumstances. Fees apply and your credit rating may be affected. Arcadia is an information service — always consider free, independent advice before deciding.