If you live in Scotland with unsecured debts, then the minimal asset process (MAP) bankruptcy gives you a chance to write off such debts in a shorter time.
Debts can be a burden on you and your family if they remain unresolved for a long time. Despite all your efforts if you remain unable to pay debts that are unsecured and have a low income, then your best way out could be a minimal asset process (MAP) in Scotland.
You need to be able to have sufficient expenses to take care of your essential costs of living. After the essential costs are met and you are left with no disposable income or you have income dependent benefits, then you can qualify for the MAP debt solution.
Do You Qualify For Minimal Asset Process?
MAP is a kind of bankruptcy that you may consider if you qualify the following criteria that include:
1-You live in Scotland or have been a resident of Scotland in the last 12 months.
2-In the past five years, you haven’t been bankrupt.
3-You have not become bankrupt using the Minimal Asset Process (MAP) in the past 10 years.
4-You are not the owner of a house.
5-You don’t have any property or land.
6-Your debt is between £1,500 and £25,000.
7- You have a vehicle that is not worth more than £3,000.
8- At the end of the month, you don’t have any disposable income.
How Does MAP Help
Once you agree to a minimal asset process (MAP) to resolve your debts then the first advantage that you get as a debtor is how lenders react to it. They become obligated legally to ensure that they no longer get in touch with you with any communication method.
Minimal Asset Process continues for six months and once it reaches completion then your debts get written off. Most debts that are unsecured can be included in MAP.
There Are Some Disadvantages of MAP
Once you have said ‘yes’ to the minimal asset process option, then for five years your details get added to a public register. After being discharged from MAP, you cannot apply for any credit for the next six months. For six years your credit rating will reflect your MAP choice.
What Are the Types of Debts That Can Be Included in MAP
MAP helps you to resolve your unsecured debts. Here are some debt types that can be resolved.
5-council tax arrears
8-unsecured car finance
You can make a fresh beginning once your debts are written off via minimal asset process (MAP) bankruptcy. Get in touch with a professional debt adviser for details.
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