Get help from a debt advice charity who understands if Bankruptcy in Scotland is your best advice.
Bankruptcy in Scotland is not necessarily the best debt option for everybody. That's why it's important to seek help from a debt advice professional who has the knowledge to explain every appropriate debt solution to you. This way you can make an informed decision about your debt problem without judgement or any sales techniques.
There are lots of ways Scottish people can go bankrupt and the right one for you will depend on your personal and financial situation. We can explain the cost of bankruptcy, the pros and cons, the process and what it will mean to things like your house or other assets.
Get Bankruptcy Scotland Help Now
If you want immediate debt help and think bankruptcy is the right solution for you then don't put it off any longer. Speak to a qualified debt advisor today on 0800 085 0226.
Alternatively, complete our online debt analyser to see if bankruptcy Scotland is the best advice for you. All of our advice is free, confidential and we never pressure you into a decision. We're here to help.
Benefits of Bankruptcy in Scotland
There are benefits of entering bankruptcy in Scotland, including:
- You will no longer be asked to repay the debt you cannot afford. This means the debt you cannot afford will be written off.
- You will no longer have to liaise directly with your creditors as an insolvency practitioner will be doing this for you.
- You can start again financially after your bankruptcy is finished.
Negatives of Bankruptcy in Scotland
There are some negatives to bankruptcy in Scotland which are essential to mention. Bankruptcy in Scotland is not always as straight forward as writing off all of your debt. In some instances it can mean:
- If you have a house or car with equity then this may need to be realised for your creditors and that could be via selling the assets. There are thresholds for how much equity there needs to be so if you give our advisors a call they can explain in full.
- If you are working and can afford to pay something towards your bankruptcy every month then you may be asked to do so for three years. Again, there are thresholds which could exempt you and our advisors could guide you on this.
- You will have to pay to go bankrupt in Scotland. The cost of bankruptcy is £200 in order to process your application. This fee is paid to the Accountant in Bankruptcy who processes and monitors all insolvency solutions in Scotland.
- Your credit rating will be affected for a minimum of 6 years.
Advice on Bankruptcy in Scotland
Get free advice and support on bankruptcy in Scotland from a registered debt advice charity. Debt Support Trust is a registered and qualified debt advice charity helping thousands of people every year with their debt problems.
Not everybody is suitable for Bankruptcy or there may be other debt solutions which you can apply for.
At Debt Support Trust our friendly advice team discuss all of the options with you and explain the pros and cons of the debt solutions. We are open from 8am - 7pm Monday to Friday, however, you can also complete a confidential debt analyser test online to check if bankruptcy Scotland is the best advice.