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Sequestration vs Trust Deed
The two most notable formal debt solutions in Scotland are Sequestration – ‘Scottish Bankruptcy’ – and Trust Deeds.
There are advantages and risks associated with both these debt solutions, and it can often be difficult to determine which one would be the best option for you.
Sequestration means that a Trustee gains control of your assets to provide payment for your creditors, as well as managing your surplus income. A trust deed, on the other hand, involves a monthly payment based on your income and expenditure for a minimum of four years.
We have provided below a simple table comparing the two debt solutions. The table addresses the following issues:
- Effect on home
- Effect on career
We hope this table has highlighted the similarities and differences between a Sequestration and Trust Deed. If you are still struggling to decide which solution is right for you, please do not hesitate to contact one of our advisers to discuss the debt solutions available to you on 0141 326 0398.