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Bankruptcy

Often people think of the word 'bankruptcy' as frightening, daunting, too serious to contemplate. However, for those that need it, bankruptcy can also be incredibly freeing - a way to get you back on track. Find out more below.

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How could bankruptcy help you?

Bankruptcy, or sequestration in Scotland, is a debt solution that allows you to take back control of your finances.

Often, people associate the word ‘bankruptcy’ with negative implications only; however bankruptcy can also be incredibly freeing to people who have become overwhelmed with debt and need to get back on track.

If it is unlikely you will be able to repay you debts in full and if it’s also unlikely creditors will agree to a trust deed, bankruptcy may be an option for you. In a bankruptcy, you will only pay what you can afford towards your debt over a fixed period of usually 4 years. We will contact your creditors to inform them you have been made bankrupt, and give you legal protection from any action they may wish to take. Whilst you will be required to pay what you can afford for four years, if you have co-operated with your Trustee, you may be discharged after one year. This means that the restrictions of bankruptcy would no longer apply. Of course the agreed payments would need to continue throughout the four year period.

When you contact Cleanslate for help with bankruptcy, our advisers will ask you some simple questions to fully understand your financial circumstances. Applying for bankruptcy is a serious step to take. If bankruptcy is not right for you, we will advise you of other options that might be more suitable.

Frequently asked questions

Meet our team

Our people have successfully helped thousands out of debt. Meet some of the team that can help you turn your finances around.

Callum McGeady

Callum McGeady

Adviser

Natalie Cummiskey

Natalie Cummiskey

Assistant Manager

Hazel Cann

Hazel Cann

Manager

Grant Morrison

Grant Morrison

Assistant Manager

Michael Gray

Michael Gray

Adviser

Gillian Ayton

Gillian Ayton

Manager

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