What is the maximum I will pay back under a Bankruptcy or Trust Deed in Scotland?
There is no maximum or minimum amount payable under either a bankruptcy or Trust Deed in Scotland. Under both schemes a full financial statement is done to find out the amount of income and expenditure you have. This is normally done on a monthly basis. The amount you have left after you pay your reasonable living costs is the amount you will pay each month to your Bankruptcy or Trust Deed.
Your trustee has the right to look at your expenditure to see if savings could be made to allow more money to be paid towards your Bankruptcy or Trust Deed. If you are currently only receiving benefit income you will not be required to make a payment under bankruptcy.
Your trustee will also look at any assets you own including property and cars. If there is equity in your home your trustee will look for this amount.
Before entering into a Bankruptcy or Trust Deed it is important you seek advice to ensure that a Bankruptcy of Trust Deed is the best option for you. Phone us today for free, friendly and honest debt advice.