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Sequestration in Scotland is the equivalent of a personal bankruptcy. The purpose of filing Sequestration is to obtain protection from creditors. Additionally, sequestration serves to calculate the value of any assets, and liquidate those over and above what is needed for day-to-day living so that creditors may recoup some of the money that is owed to them. Completing the easy form to the right will help our specialists determine if a sequestration is the right answer.
Sequestration is an option for people faced with heavy debts.
How is the Home Affected?
In most cases, individuals filing for sequestration are able to keep the home in which they live; however, a valuation of the property will be carried out to determine any equity. The difference between the value of the property and the outstanding debt on the property is known as equity. The equity in the home may need to be used to cover some of the debt in a sequestration case.
How will a Car be Affected?
Any equity in a car will be the only concern of the Trustee. A car that is needed to travel to and from a job is typically left with the individual who is facing sequestration; however, the individual may be required to make some kind of monthly payment for the car. In cases where the car is of a significant value and is not needed for work, it may be sold to help pay off debt. A car of lower value may be purchased out of monthly income for transportation.
What is the Effect on Other Assets?
The goal of sequestration is to allow an individual to keep adequate income and assets to remain self-supporting while taking away as much income and assets as possible to satisfy the debts that are owed to creditors.
The Advantages of Sequestration
There are some distinct advantages to filing for sequestration.
Our debt management advisors are able to explain exactly how an sequestration case will work in each individual situation.
The Disadvantages of Sequestration
There are numerous disadvantages to filing a sequestration case.
Sometimes people find themselves in tremendous debt due to circumstances beyond their control or even due to their own naiveté or carelessness. Such cases may require sequestration in order to pay off as much debt as possible and start over with a clean slate. Our experts can offer advice and assistance throughout the entire sequestration process. Simply complete the short form above to get on the way to a fresh start.
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At www.Debt-Management-Site.com we do not give advice. On completion of our form, we will introduce you to one of our authorised debt solutions partners. We use the contact details you have given us on the form to make this introduction. A debt advisor will contact you by telephone. During that telephone call, the debt advisor will discuss your options in more detail. During this call, and other subsequent communications, you will be dealing with a debt solutions partner and not www.Debt-Management-Site.com. All solutions are subject to acceptance and eligibility. Further conditions will apply and calls are recorded for your protection. Initial advice is always free but, as commercial companies our partners do charge for on-going services. Debt Write off only applies on completion of the Insolvency Solution and details do appear on a public register. Full details will be discussed prior to entering into an agreement and alternative options may be offered, where considered to be in your best interest. Your ability to obtain credit will be affected for 6 years, even if the solution lasts for less and your assets and property could be at risk.
To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up by the Government to help people manage their money.
All debt solutions should be very carefully considered. www.Debt-Management-Site.com never charge for the advice we give you, but if you enter an Individual Voluntary Arrangement (IVA) or Debt Management Plan with one of our partner companies, then fees will apply and these are made clear by our advisors or in the documentation you receive. Retained payment may place you further into arrears. www.Debt-Management-Site.com partners all comply with the Financial Conduct Authority rules and principles of business and you have the right to a cooling off period of 14 days. It is likely that your ability to obtain credit will be affected for 6 years, even if the solution lasts for less.