scottish bankruptcy laws?

msampson

hi,

i just wanted to check here if anyone knows if the new scottish proposals on personal bankrupcy laws in scotland are changing soon. i have a couple of question which i hope someone can help me with.

1 will the new laws on making yourself bankrupt be the same or simmilar to england where it is easier to make yourself bankrupt at the cost of about £500 and it lasts 12 months

2 what date will the laws change in scotland?

i am aware of the aib website and the scottish executives website with the info but could someone tell me in plain english terms if possible?

thanks for any help and advice anyone can give me!

sandralovescats

I wonder if, maybe, the info is on the https://www.insolvency.gov.uk website?

If it isn't you could email them via the same site and request info.

poppy52

Try this site - there is a separate section on Scottish debt stuff, as well as a really good one on bankruptcy

http://www.debtquestions.co.uk/debt_forum/

rog2

For a plain English (I mean language) explanation try https://www.insolvencyhelpline.co.uk

msampson

thanks alot for the info i was looking for and advice!

xocbc

The Scottish laws changed on 1 April 2008.

Going bankrupt costs £100 and last 12 months - you can petition for it yourself (either by proving apparent insolvency or under the LILA scheme - low income low assets) or of course a creditor can make you bankrupt.

I don't know much about LILA, but in terms of apparent insolvency, you need a "Charge for the Payment of Money" (usually issued for Council Tax or Inland Revenue arrears). Once you have this and don't pay it (14 days after receipt), just pay your £100, fill in the form and you are bankrupt. You don't go near a judge, it is all handled by the Accountant in Bankruptcy (government agency for going BR).

Details here: http://www.aib.gov.uk/

Prior to 1 April 2008 you had to go in front of a judge and it lasted 3 years.

madsainty

I went bankrupt last month under the LILA scheme (low income low asset)

Basically your income needs to be less that £229 a week (minimum wage roughly) and you cant have any assets worth more than £1000 and total assets must be less than £10000 I think it was, you also cant have an stake in a property.

If you meet the requirements as I did then you fill in the form, send it off with £100 and within a week you get a letter telling you that you are bankrupt!!

It last 1 year (unless you dont co-operate fully) and it is recorded in the Edinburgh Gazette, so far I havent had any word of a formal meeting but given my finances I doubt there is a need for one, some people in here have been bankrupt for 5 months or so and still no meeting so It seems to be hit or miss!!

If your not going bankrupt under LILA then the post above pretty much details the differences. If you are using LILA then PM me if you want any information on how things are going for me.

Good Luck

Pammybun

Prior to 1 April 2008 you had to go in front of a judge and it lasted 3 years.[/QUOTE]

Hi just to clarify that that was not the case - if you were applying for your own bankruptcy (as I did) you simply filled the form in and handed in to to the sheriff court for them to approve. You did not have to go in front of a judge.

However it did last three years which really pi**ses me off as I was BR'd in May 2007 and will not be discharged until 2010 while thsoe discharged 11 months after me are already out of it.

Pam