Bankruptcy FAQs

Bankruptcy FAQ

How long will I be sequestrated?

The minimum period is one year. As long as you have complied with your Trustee in all respects, you will be automatically discharged on the first anniversary following sequestration.

Will my student loan be taken into account?

If you have received a Student Loan which is covered by the Education (Scotland) Act 1980 c.44, the obligation to repay the loan is not discharged when you receive your automatic discharge from the sequestration. i.e. you will still be liable to repay the loan. Please contact Carrington Dean for more information on freephone 0800 019 5696.

What happens if I receive money as a present?

If you acquire any money during the course of your sequestration and before your discharge you may have to surrender this cash to your Trustee. You will need to inform your advisor of all changes to income.

Will I be allowed to hold a bank account in my own name?

Certain banks will not allow you to maintain an existing account after sequestration, even if there is no debt owing to that particular bank. Your Trustee will provide you with details of other banks who provide a basic bank account service. In some cases a joint account may also be closed, and both parties would have to open a new account.  

What if I am unhappy with the way my sequestration is handled?

If you are unhappy with the way your bankruptcy is being handled you should speak to the person dealing with your case.  Insolvency Practitioners are regulated by statutory rules and must be members of an approved body. if you cannot resolve the issues you have by speaking to the Insolvency Practitioner, you should contact their governing body. You can also contact the Accountant in Bankruptcy, details can be found in the useful links section of this website.

If you have any further questions please do not hesitate to contact us on freephone 0800 019 5696.