Do you think that it would take years to clear your debts? Then, the safest option for you is to go for Sequestration. It is a type of insolvency, and while you cannot repay your debt at the right time, you can choose this option.
When your asset worth is more than the debt, you may consider Sequestration. How do you apply for Sequestration? We will help you with our comprehensive guide. As we are a reliable team of debt management solution providers, we assist you in Sequestration.
To apply for Sequestration, you need to use a certificate issued by our approved debt advisor. We will send the certificate of sequestration when we think that the process will benefit you.
When you are apparently insolvent, there may be some potential issues.
You will qualify for Sequestration (bankruptcy) when your debt amount has gone beyond £3,000. For those whose due amount is less than £3,000, MAP bankruptcy is the right solution. Other criteria are
Sequestration lasts for one year, and at this time, you should not borrow money anymore. For any modification, your Accountant in Bankruptcy will need to be informed.AiB administers the process of bankruptcy.
You need to contribute to your bankruptcy from your earnings. It will continue for 4 years. For any change in circumstances, there is a need for review.
You can write off most types of debts in Sequestration. But debts that are not relevant are criminal files, student loans, child maintenance arrears, and fraudulent debts.
The process of Sequestrationincludes some restrictions when you are undischarged from your bankruptcy.
Regulatory bodies imposed non-legislative restrictions on those who are sequestrated.
You may feel it challenging to apply for the Sequestration process. However, we have the best consultants to help you.