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Is bankruptcy the solution for you?

Paisley Daily Express

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December 12, 2025

I am at risk of being made bankrupt for council tax arrears.

I'm worried about how this would affect me and my home. I own my house, with a mortgage, and I don’t want to lose it.

However, I have been struggling with debt for so long that the idea that there might be a way to sort it all out once and for all is tempting. How does it work?

You can be made bankrupt by a creditor if you owe more than £5,000 or you can apply for bankruptcy yourself if you meet the criteria.

Bankruptcy is known as “sequestration” in Scotland. It is a way for people to have debt relief and can be a good way for some people to be able to move on with their lives without debt hanging over them.

However, there are consequences. One of these consequences is the effect on any property that you own. If there is equity in the property - meaning you could sell it and make a profit after the mortgage is paid off - it would most probably be sold for the benefit of your creditors.

Debt Advisors can explain what bankruptcy involves based on personal circumstances

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Is bankruptcy the solution for you?

I am at risk of being made bankrupt for council tax arrears.

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