Bankruptcy information document

You apply for bankruptcy through an approved money adviser or insolvency practitioner.

In some cases, creditors can ask the court to make you bankrupt.

There are two types of bankruptcy:

1. Minimal Asset Process (MAP)

Suitable if you:

• owe less than £25,000
• have no disposable income
• own things worth less than £2,000, with no item over £1,000

Key points about MAP:

• no application fee
• expected to last six months, with restrictions in place for a further six months

2. Full administration

Suitable if you:

• owe £3,000 or more
• do not qualify for MAP because of your income or value of things you own

Key points about full administration:

• £150 application fee (waived if you receive certain benefits or an assessment shows you cannot afford it)
• expected to last for 12 months
• you may be asked to make regular payments for four years, (unless you receive benefits or an assessment shows you cannot afford to)

To apply for either type, you must live in Scotland or have an established place of business in Scotland.

Your money adviser or insolvency practitioner will guide you through the application process.