Minimal asset process FAQs
Which debts are included in MAP bankruptcy?
Most debts can be included.
Some debts are not covered and you must keep paying them. These include:
What happens once my MAP bankruptcy is awarded?
You need to meet the conditions of your MAP bankruptcy.
You are discharged six months after it is awarded.
Can the people I owe contact me?
Once your MAP bankruptcy is approved:
Are there any restrictions with MAP?
After six months on MAP, you are discharged. It takes a further six months to finalise.
You are under certain restrictions during this time.
You must tell the lender you are bankrupt before you borrow more than £2,000, either on your own or with someone else.
It can be seen as an offence if you do not comply. This could lead to a fine, or in rare cases, prison.
What else does MAP bankruptcy affect?
MAP bankruptcy may affect you in other ways, including:
Your bank account:
Your bank may close or freeze your account.
Your job:
Check your job contract to see if bankruptcy or insolvency affects your employment.
Your HR department can help with this.
Your residence:
Some private landlords may evict tenants if they go bankrupt, especially if they have rent arrears.
This is because rent arrears are included in MAP bankruptcy.
Your self-employment:
MAP bankruptcy may make it harder to trade if you are self-employed.
Especially if you use credit to pay for stock or services.
Does MAP bankruptcy affect my credit file?
MAP bankruptcy affects your credit rating.
It appears on your credit file for six years.
It may be hard to get more credit during this time, and after you are discharged.