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Minimal Assets Process (MAP)
A MAP bankruptcy is a solution that will write off a person's debts if they have a relatively low level of debt. It's intended for those who have little disposable income and few assets to help repay their debt.
What is a MAP bankruptcy?
A MAP freezes your debt repayments and interest for six months and if your financial situation has not improved at the end of this period, then all the debts included in the arrangement will be written off. A MAP is a more affordable solution than sequestration but applicants need to meet certain criteria in order to be eligible to apply.
Is a MAP right for me?
A MAP may be suitable for you if you have a relatively low level of debt (<£25,000), minimal assets and little to no disposable income. A MAP may impact your personal, financial and professional life so you should carefully consider this option before deciding to apply. MAPs are only available to residents of Scotland. For residents of England, Wales and Northern Ireland, a debt relief order is a similar solution.
Is a MAP legally binding?
A MAP is a legally binding arrangement. When approved, your creditors will be prevented from taking further action against you unless they receive permission from the court.
How much of my debt will a MAP write off?
On successful completion of the order (usually a period of six months) all debts covered by the MAP that you cannot afford to repay will be written off.
You won't pay anything towards your debts for 6 months and after that, if your financial situation hasn't changed, all your debts covered by your MAP will be written off.
A MAP has a one-off administration fee of £50, making it more affordable than sequestration. This fee could be reduced to £0 if you receive certain benefits.
An order will normally only last for a period of 6 months.
A MAP binds your creditors to the agreement and prevents them from taking further action against you.
Most unsecured debts are covered in a MAP.
Your MAP will be registered against your credit file for a minimum of 6 years and will affect your ability to obtain further credit.
Your MAP could impact your job or lead to dismissal.
If you're self employed, your MAP could make it harder to obtain credit for goods or services.
Private landlords may evict tenants or choose not to renew a tenancy agreement if you take out a MAP bankruptcy.
Your bank may close or freeze your account/s if you take out a MAP bankruptcy and you may only be able to hold a basic account.
Some debts, such as student loans, on-going child maintenance and court fines are not included in a MAP.