How do you explain bankruptcy in Scotland

Declaring bankruptcy in Scotland as the sequestration is known. The judicial procedure is different in the rest of the people that declare and must meet certain criteria in your personal circumstances bankruptcy Scotland UK debts, you will need. Previously, people could be explained only insolvent after legal action by a creditor (a person who is money). But an amendment of the Act in 2008 means that a person in debt could apply to sequestration themselves.Difficulty: ModerateInstructionsThings, need: debt of £ 1, 500.as received a mandate for an excellent summary of the debt (or liabilities) on which no amount paid. 1Apply bankruptcy court Sheriff, was one. You must meet criteria set out in the "things that you need" and a petition to the Court. 2Declare to present all your debts and your financial assets and assets. Failure to do so can other legal processes applied when the unreported assets are detected. If you have a low income and no assets in good condition, you classifies various legal criteria honest low so active low-income (ILAB), in which apply 3Liaise with the trustee. Typically, a trustee of the Court is appointed monitor the Sundial of your debts. Have the right to repay your assets, your debts, particularly in severe cases, (if you have it) your property to sell. 4Agree plan payment with the trustee and stick to it. The judicial procedure for debt repayment is seeking ensure paid the defendant without a significant drop in standard of living of the bankrupt. Failure to comply with the agreed compensation plan but leads in assets like your home and car, ve,rkauft service the debt. Can also if return you the agreement period of bankruptcy appointment werdendimensionale as standard year (after a year, also if the plan aligned completed, is declared insolvent can and will claim credit for once again).