Does it make a difference if I am a homeowner?



No. It makes no difference whether you are a tenant or homeowner or if you are still living with your parents.The 'Official Receiver' or 'Trustee in Bankruptcy' will prioritise the creditors to be paid from the realisation of the Bankrupt's assets in the following manner:Court fines such as maintenance orders, Child Support Agency payments and any other fines made through family courts.

Will I be forced to sell my endowment policy?

The answer to this question depends on whether the endowment policy has been assigned to a Building Society or Bank as security for a mortgage. If the endowment policy is assigned to a Building Society or Bank as security for a mortgage, then it will not be possible for the 'Official Receiver' or 'Trustee in Bankruptcy' to sell it, as technically, the rights to the proceeds of the policy no longer belong to you.

Is This You?

Any Time Morning 9.00 - 10.00 am 10.00 - 11.00 am 11.00 - 12.00 am Afternoon 12.00 - 1.00 pm 1.00 - 2.00 pm 2.00 - 3.00 pm 3.00 - 4.00 pm 4.00 - 5.00 pm Evening 5.00 - 6.00 pm 6.00 - 7.00 pm 7.00 - 8.You will have to come to an informal arrangement with you creditors to repay your debts or consider sequestration.

How are the trustee's fees collected?

The trustee's fees are collected from the payments you make into the STD and you will normally have no other fees to pay.In cases where there is equity with a property, the 'Official Receiver' or 'Trustee in Bankruptcy' will consider the option of selling the property and freeing the equity from within it. The released equity will then become part of the Bankruptcy Estate. This applies whether the property is solely or jointly owned.A Trust Deed is a process that enables an individual living in Scotland who is struggling with unmanageable debt the opportunity to make a formal proposal to their creditors to clear their debt.

Will the Trust Deed prevent my creditors taking further recovery action?

Yes. Once the Trust Deed has become protected, you are protected from all further recovery action by your unsecured creditors.No. a Trust Deed is a legal process which allows you to come to an agreement with your creditors to repay them less than you actually owe them.Court fines such as maintenance orders, Child Support Agency payments and any other fines made through family courts.

Can debt consolidation help to improve my credit?

Yes! The foundation we represent is not required to report our clients to any credit reporting agency and never do. By reducing the amount of debt you owe, your debt-to-income ratio improves which helps improve your credit. Your creditors may choose to make a comment on your credit report, indicating that you are working with a counseling agency or are involved in a payment plan. This by some if viewed as a big positive.No, but any such interest and charges will be included in the Trust Deed if it is approved and becomes protected.It is possible to annul a Bankruptcy.