Use Scottish Government Legislation To Write
Off Up To 90% Of Your Debt And Clear The
Remaining Balance In 36 Months

An Explanation Of LILA Sequestration

Lila is a breakdown of "Low Income And Low Assets."  This is a road to bankruptcy that was invented to help a person that is trapped in high debt payments and no available route to declare bankruptcy.  When a person has low income and little assets, this may be the best form of financial debt help.

Initially, when LILA sequestration was started, the amount of bankruptcies in Scotland was very high because people wanted to deal with great amounts of debt that had accrued.

LILA bankruptcy may be a better debt solution to a Trust deed or Debt Management Solution depending on individual circumstances.  However, it is important to understand that going bankrupt is very serious.  Getting good advice from an experienced person before entering into any agreements will be a wise decision.

Criteria For LILA Bankruptcy

A person must meet certain eligibilities to qualify for LILA bankruptcy.  To begin, a debtor must not be able to pay contractual amounts on debt and not have many assets that are worth money to be sold in order to repay the debt.

Also, a person must have low income.  Weekly pay must not exceed the national minimum wage of £237.20 gross for a 40 hour work week.  This number has been taken from September 2011, but will change with time.  A person must not have assets that are worth more than  £10,000 in total, and a single asset cannot be worth more than  £1000. In addition, a person cannot have anything to do with the ownership of a home.

If a person receives working tax credits, support, or a jobseeker allowance, a person has automatically met the criteria.

If a person does not meet the guidelines, but still wishes to continue with bankruptcy, it may be wise to discuss the Certificate for Sequestration.

How To Apply For LILA Sequestration

The process for application begins with meeting with an Accountant in Bankruptcy for an application pack.  A £200 fee will be imposed as well. A person may be able to get help with the best way to complete the forms from a Money Adviser at the local CAB office. More information about LILA bankruptcy can be obtained at the website of the Accountant In Bankruptcy.


Do I Qualify For Trust Deed?

Answer a few simple questions on the form above and our system will see if you qualify to write off up to 90% of what you cannot afford to repay.

Do I Qualify?

Totally Debt Free In 4 Years!

A typical Trust Deed arrangement will last for 4 years (unlike an IVA which is 5 years) meaning you will be back on your feet with your finances faster!.

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