The Trust Is A Form Of Protection

The trust is a form of protection in Scotland, where you can avoid bankruptcy by paying its debts as above. It 'very similar to the IVA (individual voluntary agreement) under which it agrees to make monthly payments to reserve a certain period, after which all outstanding debts are written off creditors.

In an ordinary act of faith for you legally in accordance with the transfer of all assets to the trustee, who then makes payments to creditors. These payments can be made of money agrees to pay the trust and the sale of your property, but the essential items not sold. It is mainly a way to avoid failure (also known as carbon sequestration). However, all creditors objected to the Charter to do their work back to what we owe them. Protected confidence is different, because although the creditors that the object can not take other legal action to recover what they had. They have to accept its conditions.

At the end of this action must be "protected", the following:

1. Your trustee must publish a notice of Edinburgh Journal

2. each of your creditors in writing T is based on an act of trust protected

3. Send each creditor a copy of the Journal of the notification of Edinburgh.

Each creditor has a period of five weeks from the subject of the date of gazettal of Edinburgh. It will be protected if:

a) Less than a third of its creditors, or the objective

b) less than a third of the target of debt.

If a group of these objects, you may be able to apply to the entry itself, but only if you owe more than $ 3000 and have not been declared bankrupt within five years.

Hedge funds are only available in Scotland, and relatively easy to implement. First, you must complete a form, which will determine if you get this method to the debt of the body and if so, what happens is a qualified professional. Therefore, the process to ensure that the information provided.

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