Bankruptcy/Sequestration: A brief guide
What is bankruptcy?
Bankruptcy is an option to consider when you have reached the stage of being unable to repay your debts over a realistic period. Bankruptcy may be an option where you simply cannot reach agreement with your creditors and your financial situation has become very difficult to manage.
You are likely to be under a lot of pressure, with a number of your creditors competing to collect their debt from you.
In Scotland, the word ‘bankruptcy’ is used loosely to describe two d
From 1 April 2015, you have to pay a fee of £90 to make yourself bankrupt under the MAP rules. If you go bankrupt under the standard process, the fee is £200. It is possible to pay the fee by instalments, but there are no exemptions to paying it. Contact us for advice about possible sources of financial help if you cannot afford the fee.
There are full details in the bankruptcy application pack about how to pay the non-refundable fee. Payment can usually be made by cash, cheque, debit card