Minimal Asset Process

Minimal Asset Process (MAP) is aimed at people with a low income and not many assets and is cheaper and more straight forward than Sequestration or full bankruptcy.

You can only apply for a MAP through an approved money adviser and you will need to pay a fee of £50 (reduced from £90 at least until the end of September 2020) to the Accountant in Bankruptcy.

This can be paid in instalments, but the full amount needs to be paid before you can apply. The fee may be waivered if you receive certain benefits.

To qualify you must meet the following criteria:

• Your income must be solely made up of benefits or you must have no surplus income to make a contribution once you have paid your essential living costs
• Your debts are more than £1,500 and less than £25,000 (increased from £17,000 until at least the end of September 2020)
• Your car is worth £3,000 or less
• Any other assets are worth less than £2,000 with no single item worth more than £1,000
• You are not a homeowner
• You haven’t been made bankrupt in the last 5 years