Bankruptcy and Debt Advice (Scotland)

Bankruptcy in Scotland is a legal process for individuals who cannot repay their debts. It allows them to have their debts written off after a certain period, typically 12 months, but it also comes with significant financial consequences, such as restrictions on borrowing and potential asset loss. Debt advice services help individuals understand their options, including bankruptcy and other solutions like debt management plans. These services provide guidance on managing finances and negotiating with creditors to find a workable solution, helping people regain control over their finances and avoid harsh repercussions.