Sequestration is the legal term for bankruptcy in Scotland and could help you write off unaffordable debts and become debt free in a year.
Sequestration is a legal procedure where up to 100% of your unsecured debts could be written off, normally after a year. This is often seen as the last resort to help deal with serious debts that cannot be repaid. Sequestration is offered when no other debt solution can help deal with the situation.
Disadvantages of Sequestration
Advantages of Sequestration
Is Sequestration right for me?
How do I apply for Sequestration?
You will need a Certificate of Sequestration issued by a licenced Insolvency Practitioner or a Money Advisor. During this process they will assess your financial situation to see if you’re suitable for Sequestration. If you are granted a Certificate of Sequestration you have 30 days to submit it, with your application, for Sequestration.