Insolvency Solicitors Glasgow

Personal insolvency situations occur when an individual is unable to pay their debts, such as credit card and mortgage debts, and these debts outweigh the value of their assets (property, cars, etc.). We understand how overwhelming a situation like this can feel. Our personal insolvency lawyers will use their expertise to help you achieve financial stability, now and in the long-term.

There are a number of options available to people dealing with insolvency. These include:

• Minimal Asset Process (MAP) bankruptcy – aimed at individuals with low incomes and few assets, and allows you to clear debts you are unable to pay within a reasonable time.
• Trust deed – a legal arrangement between a debtor and creditor that allows the debtor to make reduced payments over a period of four years.
• Sequestration – the legal term for bankruptcy in Scotland, allowing you to clear debts you would otherwise take many years to pay off.

There are benefits and risks associated with each route. Indeed, sequestration has serious consequences for your future and so should not be entered into without expert financial and legal advice. If you are dealing with a personal insolvency matter, please contact our insolvency solicitors today for straightforward and practical advice.