From the 1st April 2015, the Low Income Low Asset route to bankruptcy in Scotland is no longer available and is replaced with the Minimal Asset Process (MAP) solution.
The Minimal Asset Process bankruptcy assists to help a person resolve their unsecured debts which they cannot repay, as long as they meet the criteria. Generally to qualify, you must have a small amount of income and a low value in your assets.
The MAP bankruptcy is cheaper than a certificate of sequestration application. You would need to speak to an approved money advisor who would complete the paperwork online for you. At the same time you would pay the MAP fee which is £90.
There is criteria to be applicable for a bankruptcy via the Minimal Asset Process route. To qualify you must:
You can seek advice on a Minimal Asset Process bankruptcy from Debt Support Trust on 0800 085 0226. Our debt advisors will explain whether you qualify for the solution and how you can proceed to enter the MAP bankruptcy.