This solution would allow you to write off your unsecured debts within a short period of time, 6 months as opposed to 12 month in sequestration however, it is only for people with no disposable income after essential living costs are met.
Scottish Debt Help are happy to answer your questions on the above and look at alternatives to avoid. Important considerations that are important to know are below.
What do I need to be able to apply?
What is the process of a MAP Bankruptcy?
There is an application cost of £90, you will also need to get advice from an approved money advisor. This is not a solution we offer or can assist with however if it looks like you meet the criteria, we will refer you accordingly to someone who can.
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.
Your car will be safe but you can not look at this option if it is valued at more than £3000.