Glossary · UK
What is Minimal Asset Process (MAP) Bankruptcy?
A low-cost route into Scottish bankruptcy (sequestration) for people with debts between £1,500 and £25,000, minimal assets, and low income.
Full Definition
The Minimal Asset Process (MAP) is a simplified, lower-cost form of sequestration (the Scottish term for bankruptcy) for people who owe relatively little and have almost nothing to lose to creditors. To qualify, total debts must be between £1,500 and £25,000, the applicant must not own a house or land, must not own any single asset worth more than £1,000 or assets worth more than £2,000 in total (a car worth up to £3,000 is allowed if needed for work, health, or caring for a household member), and must be on a low income, typically meaning they qualify for state benefits or have income below a set weekly amount after essential outgoings. The application fee is £50, far lower than the fee for full sequestration, and there is normally no ongoing contribution requirement. MAP bankruptcy is discharged automatically after 6 months, compared with the usual 12 months for full sequestration, though it still affects the applicant's credit file for 6 years.