Bankruptcy is the last resort should no other options be available.

Bankruptcy (or Sequestration as it is known in Scotland) involves the sale of your assets on behalf of your creditors.

The period of bankruptcy is one year in England, Wales, and Northern Ireland, but is currently 3 years in Scotland.

However,

• An adverse credit rating may exist for up to 15 years.
  
  
• All your assets are sold to pay off your creditors
  
  
• If you are a homeowner your house will normally be sold.
  
  
• The Court is involved – and the Bankruptcy is public knowledge
  
  
• You may also be ordered to make additional payments from future income.

Many cases of Bankruptcy can be avoided provided advice is sought and taken early enough.

We provide qualified and professional Bankruptcy and Sequestration advice.