What do I need to be able to apply?

You’ll need to be able to pay the the £150 application fee

You must owe more than £1,500

You can not have been made bankrupt in the last 5 years

You must have been living in Scotland for the last year.

Sequestration FAQs

Can I keep a bank account?

You can keep a bank account. Your bank could freeze or close your account if you have outstanding credit with them. It may be a good idea to change to a bank that you don’t owe money to.

Will my employment be affected?

The majority of the time, your job won’t be affected. However, it’s recommended to check with your HR department first.

Can I keep my car?

If your car is worth less than £3,000 and there’s a legitimate need for the car. You’ll be able to keep it. If your car is worth over £3,000, this is an asset that will be transferred to the trustee. Your Trustee will discuss options with you.

Can I keep my home?

If there is equity in your home, there’s a possibility you’ll be made to sell it, in a worst case scenario. Your Trustee will discuss your options with you.