Sequestration is a form of insolvency and may be suitable if you can’t pay back your debts in a reasonable time. Assets you own, such as your house or car, could be sold to pay off your debts.
If your assets are worth more than your debts, or if all of your regular payments are up to date and you can afford to keep paying them, sequestration may not be the right solution for you.
Minimal asset process (MAP) bankruptcy is cheaper and can be more straightforward than sequestration bankruptcy and may be an option to consider.
While sequestration may be the best solution to deal with your debts it's important to understand the benefits and risks associated with it. It's only available if you live in Scotland. Bankruptcy in England, Wales and Northern Ireland works differently and is administered separately.