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New Scottish Trust Deeds Law Means Debtors Get To Keep Their Homes

by Andrew Karvert on Jan 31, 2011

Scotland, 31-JAN-2011: The Trust Deed Company Scottish Trust Deed states that, "New changes to Trust Deed law will allow debtors to exclude their home from their Trust Deeds. This will result in less homelessness and a wealthier nation."

On 15 November 2010, changes to the Bankruptcy (Scotland) Act 1985 went into effect. This act was made to expand the type of debt relief for Scottish citizens who are struggling with debt and reduces the restrictions associated with Trust Deeds.

For most debtors, Trust Deeds often allow them to pay back a portion of their debt over three years and write off the remainder of the debt. In the past, however, a debtor who wanted their Trust Deed 'protected' from creditors who were chasing them for debt repayment. The Trust Deed, as all of their assets, went to the Insolvency Practitioner to satisfy creditors, even if the assets were of little value or interest.

As families were forced from the comfort of their...Read More >>



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