Scotland Personal Bankruptcy Figures Q4 2010

	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.

Would you like to talk to a trained debt counsellor about alternatives to bankruptcy? more More news 24,000 more Scots to go bankrupt during 2010 Time called on former landlords who fled to Spain Bankruptcy to be available online and by post under Government proposals Bankruptcies rocket in Scotland with introduction of LILAs One out of every 290 mortgage holders see homes repossessed in 2008 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 insolvency figures down in Scotland for last quarter of 2010 The latest statistics from the Accountant in Bankruptcy, Scotland's Insolvency Service, show that personal insolvencies including bankruptcy in Scotland fell during the last three months of 2010 compared to the previous quarter and the same quarter last year. There were 4,583 personal insolvencies in total in Scotland during October to December, 2010, a decrease of 11% on the previous quarter and a decrease of 19% on the same period in 2009. 2,493 individuals were made bankrupt, while 2,090 others entered into a Protected Trust Deed, the Scottish equivalent of an Individual Voluntary Arrangement. 99 of those made bankrupt were awarded bankruptcy through the new Low Income Low Assets (LILA), which was introduced in Scotland in November, 2010. To qualify for an LILA, your gross weekly income must be no more than the standard national minimum wage for a 40 hour working week and you cannot own a single asset worth more than £1,000 and your total assets must be worth not more than £10,000. In addition, you must not own or jointly own a house or any other property or land. 20th January 2011

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Would you like to talk to a trained debt counsellor about alternatives to bankruptcy? more

More news

24,000 more Scots to go bankrupt during 2010

Time called on former landlords who fled to Spain

Bankruptcy to be available online and by post under Government proposals

Bankruptcies rocket in Scotland with introduction of LILAs

One out of every 290 mortgage holders see homes repossessed in 2008

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 insolvency figures down in Scotland for last quarter of 2010

The latest statistics from the Accountant in Bankruptcy, Scotland's Insolvency Service, show that personal insolvencies including bankruptcy in Scotland fell during the last three months of 2010 compared to the previous quarter and the same quarter last year.

There were 4,583 personal insolvencies in total in Scotland during October to December, 2010, a decrease of 11% on the previous quarter and a decrease of 19% on the same period in 2009.

2,493 individuals were made bankrupt, while 2,090 others entered into a Protected Trust Deed, the Scottish equivalent of an Individual Voluntary Arrangement.

99 of those made bankrupt were awarded bankruptcy through the new Low Income Low Assets (LILA), which was introduced in Scotland in November, 2010. To qualify for an LILA, your gross weekly income must be no more than the standard national minimum wage for a 40 hour working week and you cannot own a single asset worth more than £1,000 and your total assets must be worth not more than £10,000. In addition, you must not own or jointly own a house or any other property or land.

20th January 2011

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