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.
Get Debt Help Today
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.
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.
Simply complete the form to see if you qualify for any of the available debt solutions.
A friendly & experienced advisor from DSD will contact you to discuss yourc ircumstances.
They will explain all your options, so that you can decide which solution works best for you!
An informal arrangement between you and your creditors that lets you make lower monthly payments, whilst still paying the total amount of debt.
A formal agreement between you and your creditors. You make affordable monthly payments over fixed period with debt written off at completion.
A Debt Relief Order (DRO) is a formal debt solution for those who have no assets such as car or property. Eligibility criteria does apply.