If you are interested in a sequestration order, it is important that you get in touch with our team now who can offer you the very best advice.
If you need help through the Sequestration process in Scotland, please get in touch with us now so that we can offer assistance.
You may wish to find out more about Scottish bankruptcies. If so our team can help you, so please do not hesitate to contact us.
If you have extensive debts and they are becoming too much to handle then it may be time to consider how you can rectify the situation; a Sequestration order in Ballymoney BT53 6 might be a good idea for you. Many people feel that they have reached a point of no return when their debts get to a certain degree of unmanageability, but that is not the case.
There will always be a solution to debt problems. If you live in Scotland and have serious debt issues then the best course of action may be a sequestration order. This is a financial restructuring package that is exclusive to Scotland. The closest thing it could be compared to in the rest of the UK would be bankruptcy.
The idea of the order is to apply for insolvency to write off many of your debts. There are serious consequences attached to this which we will go into here, but it can be incredibly rewarding too.
So, what is sequestration and how do we define it? It is where you have substantial debts and are not in position to pay them off in a reasonable amount of time. It may well be that you have defaulted on many of the payments and are receiving demands from your creditors threatening legal advice.
Applying for this order involves speaking to, and working with, a professional known as an Insolvency Practitioner. The Insolvency Practitioner in Ballymoney BT53 6 will help you to apply for the order by compiling a list of your current assets and your monthly budget. Current assets may include;
Your monthly household budget will take into account the amount of money you have coming in each month from sources such as;
To work out your disposable income, i.e how much money you have leftover at the end of the month, the Insolvency Practitioner will document the various drains on your income such as;
Once all these factors have been taken into account, the Insolvency Practitioner (also known as your trustee) will issue you with a Certificate of Sequestration and apply to the courts to grant the Scottish Bankruptcy.
All financial products have good and bad points, and this order is no different. The advantages and disadvantages of sequestration include;
There are certain criteria that must be met in order to apply for sequestration.
The bakruptcy process in Scotland is actually much simpler (and cheaper) than the rest of the UK. Once your assets (if any) have been identified and your monthly household budget has been identified, the Insolvency Practitioner applies for the order and the court approves it.
So, how long does sequestration last for? In general terms the actual bakruptcy itself will last for twelve months, after which you will be discharged and those debts will be written off. It will stay on your credit file for six years though, so in reality your credit will be affected for six years.
Also, if the court believe that you are in a position to contribute to your creditors each month then you may have to pay them a fixed amount for up to four years.
The sequestration fees are relatively small. It costs £200 for court fees and that is it - there are no other hidden costs. This is significantly cheaper than the rest of the UK who pay £680 to apply for bankruptcy.
Scottish bankruptcies are much more streamlined than the rest of the UK. These orders have helped millions of people to regain control of their finances and start over again.
Scottish bankruptcies should never the be the first choice for debt management due to the serious consequences it can have on your credit score. However, for people in a serious financial predicament it can offer real hope and an opportunity to draw a line under their debts.
If you have any questions surrounding sequestration orders in Ballymoney BT53 6 or Scottish bankruptcies and their process, then enquire now by completing the form below. Our knowledgeable and highly trained team will be happy to guide you through the process and recommend Insolvency Practitioners for you.