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Bankruptcy - Scotland

Bankruptcy is a way of dealing with debts that you cannot afford to repay. It is a serious step, but in some situations it may be the best way to deal with debts. If you owe a lot of money or you can only afford to make very small payments, bankruptcy can offer you a fresh start.

You have to meet certain rules before you can apply to make yourself bankrupt. There is a fee of £200 to pay as part of the application.

Your bankruptcy will normally last for up to one year. Usually debts that have not been paid are then written off and you are ‘discharged’ from the bankruptcy. 

My Money Steps will tell you if bankruptcy is an option for you, and what you need to do. Start My Money Steps to find out.

 

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