Frequently Asked Questions
Everybody has questions. Some more than others. Here we've answered the most frequently asked. See below, or select a question from the right.
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0800 783 0080Will I lose my home?
Not necessarily. The Trustee is only interested in your share of any equity in the property. This can often be raised by re-mortgaging or through a third party.
Will I lose any of my household items?
Most everyday household items would not be touched; in fact many items are exempt from attachment or bankruptcy under the Debtors Scotland Act, meaning no-one can touch them. eg television, computer, cooker etc
Can I still have a bank account?
Your Trustee would prefer you to keep a bank account, and provided you are not in debt to your bank it is not normally a problem. If you are due your bank money, you may need to open an account elsewhere.
Can I still be self employed?
Yes, but you cannot be a director of a limited company.
Will my employer have to know?
Not normally. If however you work in a regulated industry or profession there may be restrictions which need to be considered.
Will people find out?
There are requirements for certain statutory notices to be published in the Edinburgh Gazette, a government publication, but in general the only people who will be aware of this are your creditors.