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Sequestration
This is the Scottish term used for Bankruptcy. It is an option for those in severe financial difficulty who cannot repay their debts in a realistic period of time.
Advantages
- Once sequestrated, all included creditors are unable to continue any legal action against you to recover the debt.
- Your Trustee (this may be an IP or the Accountant in Bankruptcy) will contact your creditors on your behalf so you no longer have deal with your debtors.
- Provided you co-operate fully, the Accountant in Bankruptcy may grant your discharge at the end of one year.
- If you are in receipt of welfare benefits, they will not be used for the purpose of calculating your monthly contribution.
- Your included debts will be written off once you are discharged
Disadvantages
- Your sequestration will be visible on a publicly accessible register.
- Your credit rating will be affected and may also affect your ability to obtain credit in the future.
- Any inheritance or money handed to you as a gift must be notified to your Trustee. Depending on the amount, you may be required to make this available for your creditors.
- The fee for sequestration, paid to the Accountant in Bankruptcy, is £200.
- If you own any assets or own a home, these may be sold to pay towards your debts.
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