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Sequestration Somerset
65 Helped Today! - 07/12/19
Sequestration in Scotland is the equivalent of a personal bankruptcy. The purpose of filing Sequestration Somerset is to obtain protection from creditors. Additionally, sequestration serves to calculate the value of any assets, and liquidate those over and above what is needed for day-to-day living so that creditors may recoup some of the money that is owed to them. Completing the easy form to the right will help our specialists determine if a sequestration is the right answer, or alternatively visit www.trust-deeds.scot/sequestration to learn more.
How Does Sequestration Work?
Sequestration Somerset is an option for people faced with heavy debts.
- Those unable to pay their debts will ask the court to sequestrate their estate.
- The court will appoint a Trustee to take control of the individual’s assets.
- Any value in the assets, over and above necessary living expenses, will go to pay the creditors.
- Any surplus income, after paying for living expenses, will also go to pay off creditors.
How is the Home Affected?
In most cases, individuals filing for sequestration are able to keep the home in which they live; however, a valuation of the property will be carried out to determine any equity. The difference between the value of the property and the outstanding debt on the property is known as equity. The equity in the home may need to be used to cover some of the debt in a sequestration Somerset case.
How will a Car be Affected?
Any equity in a car will be the only concern of the Trustee. A car that is needed to travel to and from a job is typically left with the individual who is facing sequestration; however, the individual may be required to make some kind of monthly payment for the car. In cases where the car is of a significant value and is not needed for work, it may be sold to help pay off debt. A car of lower value may be purchased out of monthly income for transportation.
What is the Effect on Other Assets?
The goal of sequestration Somerset is to allow an individual to keep adequate income and assets to remain self-supporting while taking away as much income and assets as possible to satisfy the debts that are owed to creditors.
- Individuals will be permitted to keep household goods that are needed for everyday use.
- They may retain certain tools that they need for work.
- Assets considered not necessary for daily survival may be sold to help pay off debts.
The Advantages of Sequestration
There are some distinct advantages to filing for Somerset sequestration.
- Creditors will be stopped from calling, sending letters or pursuing legal action to satisfy debts.
- Payments that are owed will not have to be made to the creditors.
- Individuals in sequestration need only make payments to their estate for 36 months.
Our debt management advisors are able to explain exactly how an sequestration case will work in each individual situation.
The Disadvantages of Sequestration
There are numerous disadvantages to filing a sequestration Somerset case.
- Valuable but unnecessary assets usually have to be sold to help pay the debts.
- Employed individuals receiving a regular paycheck will have to give a portion of pay to the Trustee each month.
- Acquiring additional credit will be prohibited for a period of time.
- Any windfall money that comes in will have to be turned over to the Trustee to help pay off debts.
Sometimes people find themselves in tremendous debt due to circumstances beyond their control or even due to their own naiveté or carelessness. Such cases may require sequestration in order to pay off as much debt as possible and start over with a clean slate. Our experts can offer advice and assistance throughout the entire Somerset sequestration process. Simply complete the short form above to get on the way to a fresh start.
Somerset Debt management advice across all localities:
Frome, Crewkerne, Ilminster, Somerton, Bath, Highbridge, Clevedon, Williton, Weston Super Mare, Taunton, Watchet, Burnham On Sea, Saltford, Keynsham, Cheddar, Radstock, Street, Somerset, Long Ashton, Nailsea, Shepton Mallet, Portishead, Bridgwater, Sandford, Minehead, Wellington Somerset, Wells, Paulton, Martock, Yeovil, Yatton, Chard, Glastonbury
At www.Debt-Management-Site.com we do not give advice. On completion of our form, we will introduce you to one of our authorised debt solutions partners. We use the contact details you have given us on the form to make this introduction. A debt advisor will contact you by telephone. During that telephone call, the debt advisor will discuss your options in more detail. During this call, and other subsequent communications, you will be dealing with a debt solutions partner and not www.Debt-Management-Site.com. All solutions are subject to acceptance and eligibility. Further conditions will apply and calls are recorded for your protection. Initial advice is always free but, as commercial companies our partners do charge for on-going services. Debt Write off only applies on completion of the Insolvency Solution and details do appear on a public register. Full details will be discussed prior to entering into an agreement and alternative options may be offered, where considered to be in your best interest. Your ability to obtain credit will be affected for 6 years, even if the solution lasts for less and your assets and property could be at risk.
To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up by the Government to help people manage their money.
All debt solutions should be very carefully considered. www.Debt-Management-Site.com never charge for the advice we give you, but if you enter an Individual Voluntary Arrangement (IVA) or Debt Management Plan with one of our partner companies, then fees will apply and these are made clear by our advisors or in the documentation you receive. Retained payment may place you further into arrears. www.Debt-Management-Site.com partners all comply with the Financial Conduct Authority rules and principles of business and you have the right to a cooling off period of 14 days. It is likely that your ability to obtain credit will be affected for 6 years, even if the solution lasts for less.