certified sequestration

lmc012

Has anyone heard of or arranged a certified sequestration in scotland?

I would like to know what it's all about and if it's the right thing for me and my husband to arrange.

Thanks

Tixy

Hi

I would suggest contacting national debtline scotland for some advice on your debts and whether this would be a suitable option for you and your husband.
Its free to contact them - and this factsheet of theirs might be useful as it explains the different forms of bankruptcy/insolvency in Scotland http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=01_bankruptcy

skintandfat

Have a look at the AIB website

This site is run by the Scottish Government and has lots of useful info and links

coolcait

lmc012 wrote: »

Has anyone heard of or arranged a certified sequestration in scotland?

I would like to know what it's all about and if it's the right thing for me and my husband to arrange.

Thanks

Like the others have said, first of all take advice to see if bankruptcy is the best option for you and your husband.

If it is, then you should also get advice on how to make yourself bankrupt.

You can apply under the Low Income Low Asset (LILA) criteria if
- you earn less than the minimum wage (or receive income-base benefits),
- don't own property,
- have no single asset worth more than 1,000 (although you can have a vehicle worth up to 3,000),
- and your total assets are worth less than 10,000

You can apply on the basis of being 'Apparently Insolvent' if you have received a Charge for Payment or Statutory Demand, for example. These are documents which have been served on you by Sheriff Officers - not just letters from creditors

Finally, you can apply if you have a 'Certificate for Sequestration' from an authorised money adviser or Insolvency Practitioner. I think that's probably what you mean by 'certified sequestration'?

If you find that bankruptcy is your best option, and you need to get a Certificate for Sequestration, remember that the Insolvency Practitioner who signs it has no automatic right to be the Trustee in your bankruptcy. You can take the certificate and ask for the Aco!!!!ant in Bankruptcy to be your trustee.

But, going back to the first point - you need to get full, independent, advice first, to make sure that bankruptcy is the right/only option for you.

good luck!