Is MAP bankruptcy right for me?

A Minimal Asset Process (MAP) bankruptcy could help you clear your unsecured debts. But that doesn’t mean there aren’t some drawbacks you’ll need to consider too.

In this section, we’ll go through the possible consequences of MAP – but remember, they might not necessarily apply to you. It will depend on your individual situation whether it’s actually something that affects you.

What to consider with MAP

Starting MAP can seriously affect your credit score for at least six years. If you’re thinking about MAP, it’s likely that there’s already some severe damage to your credit history. But you should still be aware that you might find it hard to get credit while your MAP bankruptcy appears on your credit report.
Your bank will usually close your account when you start any form of bankruptcy. This can mean you’ll struggle to get another bank account and you might have to open a basic bank account instead.
While your MAP is running, you can’t apply for any more credit. So if you’re self-employed, this might make it harder for you to trade.
Details of your MAP bankruptcy will appear on the Register of Insolvencies (ROI) for five years. This is a public register, meaning anyone can search it. However, it’s not the sort of thing your friends or family members would just happen to search – it’s more for credit reference agencies and employers.
MAP can affect some jobs, leading to disciplinary action or even dismissal. This is more likely to happen if you’re part of a professional body, like if you work in the financial or legal sector. Check with a HR or trade union representative before you apply for MAP if you’re unsure.
For six months after your MAP, you can’t apply for more than £2,000 in credit or carry out any business transactions without disclosing your MAP. If you do, you could get a Bankruptcy Restriction Order. This would mean that the restrictions of your MAP bankruptcy could last a lot longer.

Still not sure about the ways MAP bankruptcy could affect you? Don’t worry – we’ll explain more in our ‘MAP FAQs’ section.

Continue to the next section MAP FAQs