Bankruptcy (Scotland)

Bankruptcy in Scotland is a legal process for individuals or businesses unable to pay their debts. It provides a way to manage debts by allowing the debtor to either repay what they can over a set period or have their remaining debts written off after a time. The process is overseen by the Accountant in Bankruptcy, and it involves selling some of the debtor's assets to repay creditors. Bankruptcy can relieve financial pressure but may also affect credit ratings and future financial opportunities. It typically lasts for a year for individuals, after which they can start anew.