Protected Trust Deed or Bankruptcy?
The answer to this question should always be determined by the personal circumstances in each individual case, and the personal preferences of the person concerned. A Protected Trust Deed offers people living in Scotland who have a serious debt problem an alternative to Sequestration, which is another term for Bankruptcy, and there are many, many reasons why a person may want to avoid being made bankrupt. Indeed, it is often argued that Bankruptcy should be considered a ‘last resort‘ debt solution. While there are many similarities that can be drawn between the two debt solutions, most people would accept that a Protected Trust Deed would, in general, have a lower impact on the overall lifestyle of the individual concerned in the majority of cases. There are some cases where these differences will be obvious, such as the bankruptcy restrictions the ‘Accountant in Bankruptcy’ might impose upon an individual if it is considered the debtor should be held responsible and accountable for th
