Conventional wisdom is that sequestration will take no less than a year to complete, but that doesn’t have to be the case! In April of 2015, the Low-Income Low Asset product (LILA) was replaced with the Minimal Asset Process, a sequestration process that uses a new set of eligibility criteria as part of the application process. Those who have low incomes and minimal available assets are typically not eligible for a more formal solution to their debt. If you meet the criteria for MAP then you too can take advantage of the sequestration process, and see freedom from your debts in six months time. Whether you’re an expert on the process, or find yourself asking “What is sequestration, anyway?” this guide will help you determine which process is right for you.

Criteria For MAP
To determine if MAP is the right process for you to use, you can go down this simple check-list to determine if this path will be right for you.

• Do you have debts greater than £1,499 but not more than £17,000?
• Are your total assets equal to less than £2,001, with no single asset worth more than £1,000?
• Are you living in Scotland but are the owner of your home?
• Do you lack the disposable income to repay your debtors, or have you been on social security for more than six months?
• Have you not been through sequestration in the past five years?
• Are you not a landowner?
• Is there a recognised money expert available to help guide you through the sequestration process?

If you meet all these requirements, you may qualify for MAP and should work with a money advisor to make sure that this is the right insolvency product for your situation.

How Sequestration Via MAP works
Once you’ve got the assistance of a qualified money advisor, it will be time to go through all your assets, income, and debts and review them to determine if you qualify for sequestration. Scotland will review this and notify you when it’s been completed your professional will know if MAP is going to be the appropriate path for your insolvency proceedings. The Minimal Asset Process comes with a £90 filing fee, and dispatching this with the application is the beginning of the road to freedom from your debts.

The Money Advisor guiding you through this process will include their name and address on the application, along with a formal declaration that qualified advice has been provided. The extent of this advice should consist of the options you have available as well as a critical analysis of your financial situation. Additionally, your agent should have explained all of the possible complications involved in the process and the ramifications of filing for insolvency.

Once the approval has arrived, your creditors are prevented from taking any further legal action.

What Can and Cannot Be Included In Your MAP Sequestration
While MAP can be used to discharge many of your debts, there are some that are held inviolate and will not be able to be included in this process. These include the following:

• Court Fines
• Student Loans
• Child Maintenance Payments That Are In Arrears

The process can require up to six months to complete, though there are restrictions that will prevent you from borrowing again in the following six months. The MAP remains on your credit file for a period of six years and will impact your ability to get credit again during this time, and will also appear on the public register. This may result in other ramifications including a loss of job, eviction from your home, and the closure of your bank account depending on the circumstances.