If you are in severe financial trouble, the Scottish Government may have a way out for those who are happy to be declared 'bankrupt', with the launch of a low cost scheme to do just that.
Not something people should rush into lightly, and a touch of legal advice may be advisable before taking the plunge ... advice the Scottish Government will have to offer along with the scheme ...
The Scotsman reports :
Low-cost bankruptcy scheme to be launched
By JOE QUINN
SCOTLAND'S worst-off debtors are to be offered a cheap route into bankruptcy under a scheme announced today.
The service, to be run by the Scottish Government, is aimed at those with minimal income and assets, and will allow them to be declared bankrupt at a cost of £100.
The move is aimed at easing the plight of so-called "NINA" debtors – those with little or no income or assets but unable to go bankrupt because no court action has been launched by their creditors.
It will be available for those who have an income of less than £220 per week – the national minimum wage for a 40-hour week – and assets of less than £1,000.
Fergus Ewing, the Holyrood community safety minister, said: "There are people across Scotland who simply see no way out of the debt they are in.
"When people are earning under £220 a week and the bills and demands keep coming through the letterbox, they need a realistic, low-cost way out."
He said bankruptcy was no easy option and it required careful thought. And he added: "I hope this scheme can provide relief for those who need it most."
Kaliani Lyle, the chief executive of Citizens Advice Scotland, said: "We have long argued for the need for more effective debt relief for those on the lowest incomes. We very much welcome this new scheme, which helps address this issue and provides hope for those trapped in unserviceable debt."
