Sequestration (In Scotland)

Sequestration in Scotland is a legal process for individuals struggling with unmanageable debt. When someone applies for sequestration, their assets may be taken and sold to repay creditors. This process offers a fresh start by discharging most debts after a set period, usually around a year. Importantly, it protects debtors from legal actions by creditors during the sequestration. To apply, individuals must meet certain financial criteria, and it’s often recommended to seek advice from a professional debt advisor to understand the implications fully.