Emergency Exit
Minimal Asset Process
This can be used if you have a low income and few realisable assets. It is cheaper and less complicated than Sequestration.
Key qualifying criteria
- You must owe a total debt of at least £1,500
- You must not owe more than £17,000
- You do not own a single asset worth over £1,000 (this excludes a vehicle which does not exceed £3,000 and is reasonably required by you)
- The total value of your assets do not exceed £2,000You must have taken money advice from a qualified money adviser or Insolvency Practitioner
- You must be living in Scotland or have lived in Scotland sometime during the last yearYou must not have been made bankrupt in the last five years
- You must not have been made bankruptcy through the Minimal Asset Process within the last 10 years
- You must pay the application fee of £90
For more info see the link below:
