- Sun Sep 14, 2014 4:31 pm
Hi and Welcome
I would urge you to have a read of this document that is maintained and updated by the AiB "Debtor's Guide"
It opens as PDF Document and outlines the requirements for Bankruptcy in Scotland.
For example providing you qualify for a LILA Bankruptcy there is no need for a Certificate of Sequestration (pages 5 & 6) but be aware AiB is quite rigid regarding the Low Income, what you consider as being on a low income, may actually fail the low income criteria. At present that means a MAXIMUM pay income of no more than £252.40 per week BEFORE deductions based on 40 hours at £6.31 (current minimum wage)
With regards vehicles in LILAs, a car is allowable with a value up to £3000, but again because you think a car is worth less than £3K does not mean it is. You would be wise to check this out via Parkers or/and Glasses Guide to make sure, because you can be sure they will check them! I think because of your genuine occupation need then you will satisfy the need for a vehicle.
One thing that does seem to come up quite frequently is they will need to be sure you have sought professional advice before entering into LILA, so it may well pay to contact one of the debt advice organisations that are recognised by AiB, such as:
Money Advice Scotland
Citizens Advice Scotland
National Debtline Scotland
StepChange Debt Charity
In fact that is actually the very first question asked on the Form 9 application pack.
Another reason to seek advice is that though the form does look straightforward, some of the answers are not always, and if you answer incorrectly then the LILA will be rejected. Coupled with the fact if rejected you loose your £200 application fee, it can make is an expensive mistake!