Bankruptcy (known as Sequestration in Scotland) is the most severe result of being in serious debt. By declaring yourself bankrupt you do get a fresh start, relief from your debt and protection from your creditors but:

• Your situation will be advertised in the newspapers.
• The trustee in the sequestration is under a duty to investigate and report any suspected offences in the lead up to your insolvency
• You will be unable to act or continue to act as a director of a company or be involved in the management of any company,
  you may also risk losing your job.
• The process is court driven and often results in a poorer outcome for your creditors due to the higher costs involved

There is a better way

A Trust Deed allows you to avoid the formality, added expense and stigma of Sequestration. It acts as a legally binding agreement between yourself and your creditors and means that you pay back an affordable amount over a set period (usually 36 months) in full and final settlement of everything you owe.

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