LILA - Low income low asset for people who live in Scotland
Low income low asset (LILA) was launched in April 2008 a way forward into Sequestration for people in Scotland who are on low income and have low assets who are unable to repay debts
Low income low asset (LILA) was launched in April 2008 a way forward into Sequestration (Bankruptcy) for people in Scotland
who are on low income and have low assets who are unable to repay debts.
It is important that you carefully consider Sequestration. This route should only be considered if you find it extremely difficult to meet your month contractual payments on debts.
Qualifications to apply for LILA.
The income must be the standard national minimum wage less than £237.20 based on a 40 hour week.
Anyone on income support, income based jobseekers allowance or receiving working tax credits would meet the low income test. This will apply even if the earning is more than £237.20.
Unable to meet current monthly contractual repayments and charges.
No, one single asset worth more than £1,000 and total assets worth no more than £10,000.
No property or land.
The cost for LILA is £200 and is payable to the Accountant in Bankruptcy.
Any monetary windfalls or inherit any property or land must be informed immediately to the trustee as this may need to be paid to your sequestration.
Cannot start up or be involved in the day to day running of a limited company
Cannot act as a Member of Parliament, be a member of a local council or on a school board etc.
LILA details will be advertised in The Edinburgh Gazette, mostly subscribed by banks, building societies and other financial institutions. General public usually do not buy The Edinburgh Gazette. LILA details will publically be available to view online in the Register of Insolvencies.
Difficult to obtain credit after you being discharged.
It is important that you carefully consider Sequestration. This route should only be considered if you find it extremely difficult to meet your month contractual payments on debts.
Qualifications to apply for LILA.
The income must be the standard national minimum wage less than £237.20 based on a 40 hour week.
Anyone on income support, income based jobseekers allowance or receiving working tax credits would meet the low income test. This will apply even if the earning is more than £237.20.
Unable to meet current monthly contractual repayments and charges.
No, one single asset worth more than £1,000 and total assets worth no more than £10,000.
No property or land.
The cost for LILA is £200 and is payable to the Accountant in Bankruptcy.
Any monetary windfalls or inherit any property or land must be informed immediately to the trustee as this may need to be paid to your sequestration.
Cannot start up or be involved in the day to day running of a limited company
Cannot act as a Member of Parliament, be a member of a local council or on a school board etc.
LILA details will be advertised in The Edinburgh Gazette, mostly subscribed by banks, building societies and other financial institutions. General public usually do not buy The Edinburgh Gazette. LILA details will publically be available to view online in the Register of Insolvencies.
Difficult to obtain credit after you being discharged.