How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask JGM Your Own Question
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 15708
Experience:  30 years as a practising solicitor.
Type Your Scots Law Question Here...
JGM is online now

Assistant: How can I help? i am self employed, own a house

This answer was rated:

Assistant: Hi. How can I help?
Customer: i am self employed , own a house still mortgaged , my family live with me
Assistant: Where are you? It matters because laws vary by location.
Customer: and I am in a lot of personal debt
Assistant: What steps have you taken so far?
Customer: and considering a debt management
Assistant: Anything else you want the Lawyer to know before I connect you?
Customer: Nothing yet
Customer: replied 7 months ago.
I am in Scotland

I am a solicitor in Scotland. What you need to do is see an insolvency practitioner and see if a trust deed, debt management plan or indeed a bankruptcy would be suitable for you. You will still be able to work but you want to establish given your circumstances if there is any way of holding onto the house and perhaps making contributions to the debts via the trustee. You should not do anything without fully discussing the future and your family’s home before signing anything. See an insolvency practitioner in your area. Avoid any of the big multinational companies. They are just wanting to take any assets in fees. I hope that helps. Please leave a positive rating so that I am credited by JustAnswer for helping you today.

JGM and other Scots Law Specialists are ready to help you
Customer: replied 7 months ago.
Thank you for your reply
It is off help
We do not have any insolvency practice on our island , I live in the Hebrides