Getting bankrupt is never a good situation for a person especially when the economy is disturbing. If you see the personal debt ratio of Europe and that of UK then you will find that the ratio is more in Europe meaning that UK owes less than the people in Europe. In United Kingdom they have a concept of Individual Voluntary Arrangements while Scotland has Scottish trust deeds. The Scottish trust deed review shows that the deeds taken by the people have been able to repay the amount in full in almost all cases which is not the case in Europe. If you understand the concept of trust deeds you will find that the real property is transferred from the owner to the trustee after which the trustee deals directly with the creditor. Most of the times the arrangements for the payment is worked between the creditor and the debtor. The debtor will have the option to continue with his self employment. He may venture into other credit arrangements but he would have to make sure that the arrangement is good.
One good thing about the Scottish trust deed is that it would not degrade your name in society. It keeps a personal matter to themselves so that your reputation is not hampered. This settlement also gives a person liberty to do work freely. As per the report which was published recently the people in Europe face a lifetime problem until and unless they repay the money in full terms. If you are willing to pay back the money then it would add to your advantage to file for the trust deed. One of the main reasons why this concept was established is because if people become bankrupt then ultimately the money is not paid and the person or the institution loses all the money. This does not happen in trust deeds as there is the trust to pay the money back.