To be declared bankrupt, you must show you have:
- debts over £1,500
- lived in Scotland during the last year or currently live in Scotland
- not been sequestrated in the last 5 years
There are three routes to bankruptcy in Scotland. You will have to show you're eligible to apply for bankruptcy by meeting the following conditions:
- the Minimal Asset Process conditions
- you are "apparently insolvent" by either having granted a trust deed, or received a charge for payment or statutory demand and haven't paid the money owed in the timescale set
- you have been given a formal 'certificate for sequestration' by an approved person — this can be a money adviser
Read guidance on routes into bankruptcy from National Debtline Scotland.
There is a charge of £200 to make yourself bankrupt. It may be possible to pay by instalments.
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