Scotland
Minimal Asset Process
A lower-cost route into Scottish bankruptcy for people with very little income or assets.
- Typical term
- Usually 6 months
- Type
- Formal insolvency
- Available in
- Scotland
What it is
MAP is a simplified, cheaper version of sequestration for people whose income and belongings fall under set limits. There are no contributions to make and discharge normally comes after six months.
Who it tends to suit
- You live in Scotland
- Your income is low or comes mainly from benefits
- You do not own property and have minimal assets
Benefits
- Low application fee
- No monthly contributions
- Discharge typically after six months
Things to weigh up
- Tight eligibility thresholds
- Publicly recorded on the Register of Insolvencies
- Six years on your credit file
If you own your home
Homeowners are not eligible for the Minimal Asset Process.
Not sure this is the right fit?
The finder compares this against every other UK route based on where you live and what you owe.
Compare my optionsMay not be suitable in all circumstances. Fees apply and your credit rating may be affected. Arcadia is an information service — always consider free, independent advice before deciding.