Minimal Asset Process - Debt Support Direct

Minimal Asset Process (MAP)

Introduced by the Government, a MAP is designed for Scottish residents with low income and little to no assets, and allows them to go into bankruptcy and write off their debts after a period of six months.

A minimal asset process (MAP) bankruptcy gives you a fresh start by writing off debts that you can’t repay within a reasonable time.

It’s aimed at people with a low income and not many assets, and is cheaper and more straightforward than sequestration (or full administration bankruptcy). You can only apply for MAP through an approved money advice organisation.

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Minimal Asset Process (MAP)

To qualify for a Minimal Asset Process (MAP)

You must be a non-homeowner and receive benefits for six months or have no disposable income. You can only apply for a MAP through an approved Money Adviser, and your debt level cannot exceed £17,000.

Your income and expenditure will be assessed using the Common Financial Tool to determine your ability to repay your debts over a sustained period. An application fee of £90 is payable to the Accountant in Bankruptcy (AiB), who will act as your Trustee.

Once you have been discharged from the MAP, you will be subject to certain restrictions in accessing credit and business transactions for six months. Your Trustee will also remain in the office to finalise your bankruptcy.

What are the advantages of entering this process?

If you meet all the conditions of MAP, the process lasts no longer than six months so that you can start afresh in a relatively short period
There is a fee of £90* to use this process, which is cheaper than ‘standard’ sequestration. (*MAP application fees are removed for those receiving specified benefits and reduced to £50 for all others following the Scottish Coronavirus Act).
You don’t have to make any payments towards your debt as you have no disposable income
All debts are written off after six months, as long as you have met all the requirements
You are protected from the pressure from creditors is relieved – they are not allowed to contact you whilst in this process

And the disadvantages?

You won’t be able to obtain credit for a long time, as sequestration stays on your credit file for six years. Even when you are released from the process, it won’t be easy to borrow money.
It could affect future job applications, as some employers don’t allow their staff to enter a formal debt process. Even if you decide not to tell them, your details will be on the Register of Insolvencies which is open to public scrutiny. You’ll also be prevented from becoming a company director.
Your ability to secure a tenancy agreement might be affected
If you don’t adhere to the conditions of MAP, the court may issue a Bankruptcy Restriction Order, which prolongs the terms for up to 15 years

Should your circumstances change for the better after you enter the Minimal Asset Process, you’ll need to revert to standard sequestration, which will involve a further fee and regular payments towards your debt.

Free and impartial money advice is available from the Money Helper, an organisation set up by the government for people in debt.

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