Bankruptcy England and Trust Deeds Scotland

Many people will be surprised to learn that as yet we have seen no substantial increase in trust deeds (the Scottish equivalent of bankruptcy) and actual bankruptcy numbers in England and Scotland. There is however a very simple explanation for this situation as the slowing economy, banking system rescue package and time taken to complete such actions can be fairly extended.

However we should start to see an increase in bankruptcy numbers and applications for trust deeds with over 1.2 million homeowners in the UK expected to move into negative equity in the short term, on top of the hundreds of thousands who are currently behind on their mortgages. While the banking industry in the UK had promised to reduce the number of home repossessions and bankruptcies in exchange for taxpayers funding this has not yet appeared.

Scottish trust deeds are administered under a separate legal framework to that of UK bankruptcies although in essence they are one and the same. For those in financial trouble it is essential that they take professional financial advice because there are regulations and guidelines currently on the market to assist with such instances and ensure that the correct route is taken for all involved.

The days when trust deeds and bankruptcy meant the end of a person’s financial life have long gone and while there are still drawbacks the consequences are no longer as tough as they once were.

« « What is a Protected Trust Deed?
How do I apply for a Trust Deed? » »
Comments
Leave a Comment Below »
Your Name
Your Email Address
Your Comment
Want your picture next to your comment?
Join Gravatar and upload your photo, completely free! (opens in new window)