If you have a debt problem, one of your options for sorting it out might be a Minimal Asset Process (MAP). A Minimal Asset Process bankruptcy is a formal insolvency solution designed for those with problem debt who have few or no assets and a low disposable income. Minimal Asset Process is a solution only available in Scotland.
Remember, a Minimal Asset Process might not be your only option and it might not be the most appropriate debt solution for your needs. Our trained advisors can assess your financial situation and help you find the most suitable option for you.
Listed below are some of the Main Advantages & Disadvantages of a Minimal Asset Process
Creditors cannot legally chase you for payments
The process usually lasts for 6 months
Most unsecured debts can be included
The setup fee is relatively low at £90
Your included debts will be written off upon completion
MAP will adversely affect your credit rating and may affect your ability to obtain credit.
MAP will be recorded on the insolvency register, which can be searched by the public
Being in MAP bankruptcy can impact on certain jobs. If you are unsure check your contract
It’s likely that any valuable assets will need to be sold
If your financial circumstances improve you may have to go through the full sequestration process