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Bankruptcy

Main Effects

Pros & Cons

Petition

Statutory Demand

Bankruptcy Order

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Deciding to pay the costs of petitioning for your own bankruptcy is not easy. In the majority of cases an Individual Voluntary Arrangement, in England and Wales, or a Trust Deed, in Scotland, is of greater use and benefit, particular given the less restrictive restraints which they impose.

Whilst it may be purely a matter of arithmetic, i.e. how much you owe and to whom, there are more personal and emotive reasons for choosing bankruptcy (Sequestration in Scotland) as oppose to an IVA or a Scottish Trust Deed as the solution to severe debt problems.

If you are considering bankruptcy, it is imperative that you ascertain just exactly what may be involved before proceeding. Therefore, it is suggested that you read the following first before making any decision:

 

    In Scotland

    • Accountant in Bankruptcy website. They deal with insolvency, including sequestration and trust deeds, in Scotland.

    • A range of downloadable guides produced by the Accountant in Bankruptcy, covering the subjects of Trust Deeds and Sequestration.

 

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