Number Of People Going Bankrupt Scotland 2007

	Do you live in Scotland? As Scotland has its own legal system, distinct from that of England and Wales, laws relating to bankruptcy are different too. In Scotland, personal bankruptcy is known as sequestration.

More news Bailiffs to get more powers but not much needed regulation Citizens Advice warns Citizens Advice Bureau reports sharp rise in debt problems Record number of people going bust - and it's set to get worse More than a million householders use credit card borrowing to pay their mortgage or rent Number of CCJs issued hits ten year high Number of Scots going bankrupt hits record high	Personal insolvencies rise by 14.5% in Scotland in 2007 The number of people declared bankrupt in Scotland during 2007 rose by 14.5% compared to 2006 according to figures released by the Insolvency Service. A total of 13,814 people were declared insolvent during 2007, but despite the sharp rise in personal bankruptcies (known as sequestration in Scotland), the overall figure represents only a 1.3% increase over 2006 because of a fall in the number of people entering into a Protected Trust Deed (PTD). A PTD is the Scottish equivalent of an IVA in England and Wales, a fomal agreement that allows an individual to write off some debt in return for regular payments of the remining debt over an agreed period of time. The number of PTDs entered into was down 7.5% to 7,595. 2008 is likely to see a further increase in the number of people entering into sequestration as a result of plans by the Scottish Government to bring insolvencies laws north of the border in line with those in England and Wales. This will mean individuals can be discharged from sequestration after just one year instead of the three years currently in force, making it a more attractive option for some in serious debt. February 2nd 2008

More news

Bailiffs to get more powers but not much needed regulation Citizens Advice warns

Citizens Advice Bureau reports sharp rise in debt problems

Record number of people going bust - and it's set to get worse

More than a million householders use credit card borrowing to pay their mortgage or rent

Number of CCJs issued hits ten year high

Number of Scots going bankrupt hits record high

Personal insolvencies rise by 14.5% in Scotland in 2007

The number of people declared bankrupt in Scotland during 2007 rose by 14.5% compared to 2006 according to figures released by the Insolvency Service.

A total of 13,814 people were declared insolvent during 2007, but despite the sharp rise in personal bankruptcies (known as sequestration in Scotland), the overall figure represents only a 1.3% increase over 2006 because of a fall in the number of people entering into a Protected Trust Deed (PTD).

A PTD is the Scottish equivalent of an IVA in England and Wales, a fomal agreement that allows an individual to write off some debt in return for regular payments of the remining debt over an agreed period of time.

The number of PTDs entered into was down 7.5% to 7,595.

2008 is likely to see a further increase in the number of people entering into sequestration as a result of plans by the Scottish Government to bring insolvencies laws north of the border in line with those in England and Wales. This will mean individuals can be discharged from sequestration after just one year instead of the three years currently in force, making it a more attractive option for some in serious debt.

February 2nd 2008

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