How to Be Bankrupt in Scotland

You may want to file for bankruptcy in Scotland if you cannot repay your debts. You must owe at least £1,500 to qualify. Becoming bankrupt in Scotland allows a trustee to sell off all your available assets to pay off your creditors. The Office of Accountant in Bankruptcy administers personal bankruptcy in Scotland and advices people on bankruptcy issues. The office may act as the trustee of your assets during bankruptcy.

Difficulty: Moderately Challenging

Instructions

1. Apply for bankruptcy by completing the "debtor's petition form," which may be available at the local sheriff's court. You can learn how to complete this form at the Insolvency Helpline website (see resources.) The processing fee is available at the court office.

2. Be sure to list all your assets, debts and statements, showing your monthly wages and how much you spend on each item.

3. Send your application to the Office of Accountant in Bankruptcy who will decide if you are eligible for bankruptcy.
   
   If you are approved for bankruptcy (through the sheriff or Office of Accountant in Bankruptcy), the bankruptcy will be awarded within five business days after the Accountant in Bankruptcy receives your paperwork. A trustee may visit your home and premises and want to meet with you.

4. Be honest about your finance documents, accounts and situation. The bankruptcy may last one to three years. You can reduce your bankruptcy by cooperating with your trustee - disclosing when you move, if there's a change to your financial situation, etc., during the term of your bankruptcy.

5. Contact the Accountant in Bankruptcy at 0845 6126 460 (phone) or 0845 7626171 (helpline) for additional information.

Resources

• Insolvency Helpline
• Completing Debtor's Application Form
• The Office of Accountant in Bankruptcy

[ruf1950]

on 10/2/2009 I hope I never become bankrupt in Scotland, but if I do, I'm ready ;')! Thanks...5*

[femwriter]

on 10/1/2009 Lots of terrific advice here on how to be bankrupt in Scotland.