What do I need to be able to apply?
You cannot be a homeowner
You need to live in Scotland
Your debts must not exceed £25,000 in total
Typically, your car needs to be worth less than £3,000
Total assets can’t be more than £2,000 and any one can’t be worth more than £1,000
Typically, there must be little or no disposable income
What is the process of a MAP Bankruptcy?
There’s an application cost of £50, you’ll also need to get advice from an approved money advisor. To see if this is suitable and understand all of the advantages and disadvantages, get in touch today and we’ll run you through all of your options.
Minimal Asset Process FAQs
What debts can be included?
The majority of debts can be included however if you have any criminal/court fines, CSA arrears or Student loans, you will need to maintain these as normal.
Can I keep my car?
Your car will be safe but you can not look at this option if it is valued at more than £3000.