Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By pariscici
#4151 Hi, I am thinking of going bankrupt in scotland.
I owe around £27,000 and i have really struggled to pay it back, i was on a debt management programme, but got more credit, and ended up in the same position i was before, only worse. I live with my parents, and last year my partner bought a holiday home, he knows nothing of my debt and wants us to go abroad for 6 months. i just want this all to end and make a clean start, but im afraid that the court will make me stay here and pay off my debt. also my mum and dad are getting hounded with creditors looking for payment. im scared that they will go to their home and try to take their goods. all the money i borrowed was unsecured. what do i do..
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By JaneClack
#4152 in Scptland to petition for your own sequestration (their term for bankruptcy) you must have debts over £1,500, be Apparently Insolvent and not been sequestrated in the past five years.

The most common grounds for Apparent Insolvency are a decreee i.e a court order against you or a creditor has obtained a summary warrant against you for recovery of rates or taxes and your goods have been subject to an attachment or a creditor has obtained a decree in the Court of Session transferring your house to the creditor or you have been served a statutory demand. You can also petition if you have already been made bankrupt in England or Wales. However, if this has not happened if one or more of your creditors agree and they are owed over £1,500 in total and you haev tried and failed to have a Trust Deed protected.

As you can see it is a lot easier in England.

To find out more give NDL or FCL/Payplan a ring as they will be able to give you more information. National Debt Line also have factsheets you can download at http://www.nationaldebtline.co.uk

Hope that helps.
By pariscici
#4155 Thanks for that, wish i was in england. would anyone be able to go to my parents house and take away any of their things, as this was my last known address to them?/
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By JaneClack
#4156 No because you would be the person declaring bankruptcy. They are not responsible for your debts so there is nothing to fear with that!
By pariscici
#4158 Thanks so much for your help.