This section covers the Minimal Assets Process, what debts can be included in a MAP and the criteria to qualify for a mininal assets process bankruptcy
The Minimal Asset Process (MAP) debt solution can give 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 bankruptcy.
This solution is only available to people living in Scotland. If you live in England, Wales or Northern Ireland you may be able to apply for a debt relief order, which is a similar solution, but it's important to note that it has different benefits, risks and fees associated with it.
As long as the specified criteria are met, you can apply for your own bankruptcy via the Minimal Asset Process and potentially be free of unsecured debts within six months.
Debts of at least £1,500, but not exceeding £17,000
Total assets must not be worth more than £2,000, with the value of individual assets being less than £1,000 (an exception being a car, which can be worth up to £3,000)
You must live in Scotland but not own your own home
Money advice must be provided by an recognised expert who guides the application process
You must have no disposable income available to repay debts, or you must have been in receipt of certain social security benefits for a minimum period of six months
Sequestration must not have been awarded during the previous five years
You must not own any land
How Minimal Asset Process (MAP) works
To apply for Minimal Assets Process you need to pay a fee of £90. The full amount needs to be paid and there are no exemptions or reductions available.
You’ll also need to get advice from an approved money advice organisation. You can’t apply without doing this.
Need Debt Help Now?
Our panel of specialists can quickly advise you on what to do if you are considering applying for Minimal Assets Process. Simply call the team FREE on 0800 088 2208. Alternatively take the online debt test and find your best solution..
I Contacted them at 5 pm on a Thursday night,they arranged a meeting Friday morning with all the relevant bodies their because my case was the following Monday .I can't sing their praises high enough they contacted the courts same afternoon. Fantastic response, I avoided bankruptcy on the Monday and was given time to arrange an Iva. I risked losing my home,my mother and fathers home all hope seemed lost until I made that fateful phone call. I can now sleep at night.
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