MINIMAL ASSET PROCESS (MAP)
MAP is a simplifies form of bankruptcy designed people with low income with minimal assets. It is a cost-effective and straightforward procedure aimed at providing financial relief to those who qualify.
Benefits
- You do not need to appear in court to apply for MAP bankruptcy.
- There is no fee to apply for MAP.
- This process is usually complete within 6 months, after which most of your unsecured debts will be legally written off.
- Once this approved, your creditors cannot pursue you for payments or add further charges during this process.
- Most unsecured debts are included in MAP bankruptcy.
Risks
- Your credit rating will be affected for 6 years.
- Your bank are likely to close or freeze your accounts, limiting you to a basic bank account during the MAP.
- This can affect your job.
- Some landlords may evict tenants or refuse to renew a tenancy agreement if they become aware of your MAP status.
- Certain debts, such as student loans, child support, and court fines aren’t included in MAP and must be managed separately.
- If you’re self-employed, obtaining credit for business purposes or services may become more challenging.
