Sequestration is a legal declaration that you are unable to pay your debts as they fall due, and you do not have enough assets to pay off the debts in full. Sequestration allows you to contribute what you can towards your debts, and after a certain period (usually three years) the remainder is written off.
This can be the right option for some people, but it has serious consequences. You may have to sell your home and other assets. The fact that you were made bankrupt will be on public record and will remain on your credit file for at least six years.
Sequestration can be avoided if advice is sought early on – Call 0141 227 7730 for sequestration advice, support and guidance.
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Peter Dean has helped thousands of people with quality money advice, through Your Debt Expert.
Peter Dean is one of the most highly-qualified and experienced debt solutions professionals in Scotland. He established Carrington Dean in 2001 following a distinguished financial career in which he became a Partner with one of the world’s leading accountancy firms and a recognised insolvency expert.
Peter is a Fellow of the Chartered Management Institute, a Fellow of the Association of Business Recovery Professionals, a Member of the Chartered Institute of Arbitrators, and a Member of the Insolvency Practitioners’ Association.