How does MAP bankruptcy work?
To apply for Minimal Asset Process (MAP), you’ll need to pay the application fee of £90. This is £110 cheaper than the full sequestration bankruptcy process at £200.
You’ll have to pay the full fee before your MAP starts. This goes to the Accountant in Bankruptcy (AiB). If you can’t afford to pay the entire fee at once, you might be able to pay it in instalments – though your MAP won’t start until you’ve paid it all.
Before you can start MAP, you’ll need to go through an approved Money Adviser. We don’t offer this service but if it turns out that MAP is the best solution for you, we will signpost you to the relevant free services to help you with this.
The approved Money Adviser will go through the details of all of your debts to see if you can get MAP. If you can, they’ll help you put your application in to the AiB.
What happens during MAP?
Once your MAP is accepted, your creditors will freeze all interest and charges on your debts. They also can’t take further legal action – so they won’t be able to take out a decree against you. And what’s more, they can’t contact you either.
MAP usually lasts for six months. If your situation improves during this time, you may have to go through the full sequestration process. This means it will last 12 months instead of six months and you’ll have to pay the full sequestration fee of £200.
During MAP, you won’t have to pay anything towards your unsecured debts. However, you’ll still have to pay all of your essential household bills as well as any court fines or student loans.
After your MAP has finished, your Trustee will remain in office for a further six months. A Trustee is someone from the AiB who oversees your MAP. They’ll make sure that you follow certain rules during this time such as not being able to borrow more than £2,000 without disclosing your MAP.
Not sure whether you can include all of your debts in MAP bankruptcy or if you’re even eligible for one? You can read more about it in our ‘How do I qualify for MAP bankruptcy?’ section.Continue to the next section How do I qualify for MAP bankruptcy?