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What is the Minimal Asset Process (MAP)?

The Scottish Government introduced the Minimal Asset Bankruptcy on April 1 2015 as a new route into bankruptcy for people with low income and minimal assets. MAP Bankruptcy is available to Scottish residents who meet the following key criteria:

  • Your debts must amount to at least £1,500
  • Your debts must not exceed £17,000
  • You must not own any land or property
  • Total value of your assets must not exceed £2,000
  • You do not own a single asset worth more than £1,000 (except for a car)
  • If you own a car, it must not be worth more than £3,000 and you must show you require it
  • You have no disposable income with which to pay Creditors
  • You must have a signed Certificate of Sequestration
  • If you are on benefits you must only have been receiving them for at least 6 months
  • You must not have been made bankrupt in the last five years

If you wish to apply for a MAP Bankruptcy you must consult an approved Money Adviser who will assess your income and expenditure using the Common Financial Tool. You will also have to pay an application fee of £90. The Common Financial Tool was introduced by the Scottish Government in 2015 to provide a clear and consistent means of determining a person’s ability to make payments towards reducing or clearing their debts over a sustained period of time. Once your application has been awarded, as long as you continue to meet the requirements of the MAP you will be discharged after six months. You will be subject to certain restrictions on accessing credit and engaging in business transactions for a further six months. The Trustee will remain in office for a further six months to finalise your bankruptcy. The Accountant in Bankruptcy (AiB) is responsible for administering the process of personal bankruptcy and acts as Trustee in all MAP cases.

What are the main benefits of a MAP Bankruptcy?

  • It provides relief from debt.
  • It is a viable option for people on benefits.
  • It is a viable option if you cannot afford any contributions towards your debts.
  • It is suitable for people whose total assets do not exceed £2,000.

Is there any downside to a MAP Bankruptcy?

  • It is likely to have a negative impact on your credit rating.
  • It is likely to impact on your future ability to obtain credit.
  • Details will remain on the Register of Insolvencies for one year after the Trustee is discharged.

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