Bankruptcy and Debt Advice (Scotland) Act 2014

The Bankruptcy and Debt Advice (Scotland) Act 2014 is legislation designed to improve how debts are managed in Scotland. It introduces changes to the bankruptcy process, making it easier for individuals facing financial hardship to access support and advice. The Act emphasizes the importance of providing debt advice before a person declares bankruptcy, aiming to help them explore alternatives. It also updates rules around how debts are settled and increases protections for debtors, allowing for a more compassionate approach to financial difficulties while ensuring creditors can recover owed amounts fairly.