Hi annie

The equity can make a difference, but it's not the be all and end all of a Trust Deed. It depends on level of debt and proposed contribution.

If you fill in a sequestration petition and post this, it should take about 2 weeks for the AIB to award sequestration.

Mark

should i keep paying my creditors or stop paying as i am borrowing money from family members to try and keep payments on track

Hi annie

there is no right or wrong answer to that question. Once a Trustee has been appointed, you are unable to make payments, however until that time, it's your decision I'm afraid.

Mark

Hello annie.

There is no point in borrowing money to make your repayments. If you can afford to pay something from your own resources then fair enough, but if not it isn't really helping if you have decided that bankruptcy is the way forwards.

can the trust deed expert i spoke to be in charge of my sequestration

Hi annie.

You can appoint an insolvency practitioner to be your trustee for a bankruptcy.

Whether or not the person you have spoken with is an insolvency practitioner (or works under the control of one) is a different question but you should be able to find out easily enough.

If you can afford to make a contribution towards your debts each month you may prefer to appoint your own trustee. The following page talks about the reasons why a little more:

https://www.trust-deed.co.uk/bankruptcy-sequestration.html

The alternative is to apply to the AIB who will allocate a trustee to you.