Q2. What are the conditions for applying for my own bankruptcy?
- You must owe a total debt of £1,500 or more and
- You must be living in Scotland or have lived in Scotland sometime during the last year and
- You must not have been made bankrupt in the last 5 years if you are applying without concurrence from a creditor and
- You must pay the application fee and
- You must meet one of following conditions - either
- You are apparently insolvent (see Q3)
- Or you have low income and low assets (see Q7).
You may also be able to apply for your bankruptcy if one or more of your creditors agrees to your becoming bankrupt. The agreeing creditor(s) must sign a form to confirm their agreement.
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