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Bankruptcy and Debt Advice (Scotland) Act 13/04/2015 The Bankruptcy and Debt Advice (Scotland) Act came into force on 1st April, updating the country's systems of debt advice and debt management.

 Bankruptcy and Debt Advice (Scotland) Act 

The Bankruptcy and Debt Advice (Scotland) Act came into force on 1st April, bringing in a number of measures to update the systems of debt advice and debt management available in Scotland.

These include:

  • The Minimal Asset Process, which offers debt relief quickly and at less than half the cost of an application for bankruptcy under the previous equivalent scheme for those on low incomes
  • Mandatory money advice for people seeking access to statutory debt relief instruments such as sequestration to ensure debtors are matched with the solution that best fits their needs and circumstances
  • Compulsory financial education for those who have been sequestrated more than once 
  • Introduction of a Common Financial Tool for money advisers, allowing them to quickly assess whether individuals can contribute towards repayment of their debts and what the level of their contribution should be
  • A new web-based bankruptcy application system
  • A time limit of 210 days after notification by the trustee, for creditors to submit claims 

“These measures have been developed following years of consultation with experts across the financial advice community and from studying how other nations deal with issues of personal debt,” said Business Minister Fergus Ewing.

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