Bankruptcy (known as Sequestration in Scotland) is the most severe result of being in serious debt. By declaring yourself bankrupt you do get a fresh start, relief from your debt and protection from your creditors but:

	Your situation will be advertised in the newspapers.
	The trustee in the bankruptcy is under a duty to investigate and report any suspected offences in the lead up to your insolvency
	You will be unable to act or continue to act as the director of a company or restricted from working in certain professions.
	The process is court driven and often results in a poorer outcome for your creditors due to the higher costs involved

There is a better way

A Trust Deed allows you to avoid the formality and stigma of Bankruptcy. It acts as a legally binding agreement between yourself and your creditors and means that you pay back an affordable amount over a set period (usually 36 months) in full and final settlement of everything you owe.

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Subject to eligibility and acceptance. Debt write off applies only on completion of Trust Deed, alternative solutions may be offered. Initial advice is free, fees payable for continuing services. Your ability to obtain credit will be affected for 6 years. Homeowners will be required to release the equity in their property. Calls may be recorded.

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