What happens if my income increases during the MAP?

Question

Accepted Answer

You must tell the Accountant in Bankruptcy. If your income rises above the threshold significantly, the MAP could be revoked and converted to Full Administration sequestration. Small changes are usually not an issue. You have a legal duty to inform AiB of significant changes during the 6-month MAP period. This includes new employment, significant pay rises, windfalls or inheritance, or coming into possession of assets that push you above the limits. AiB reviews whether you still qualify for MAP. Sustained income above the threshold, or new assets above the limits, may result in MAP revocation. A revoked MAP typically converts to Full Administration sequestration — the higher fee is not refunded and you shift to the 12-month process. Modest pay rises, small windfalls (a few hundred pounds), and short-term changes typically do not trigger revocation. AiB applies judgement. The threshold for MAP is not high, though, so significant increases can quickly cause problems.

What happens if my income increases during the MAP?

The duty to disclose

What AiB does

Small changes usually OK

Key takeaways

Where to get free, regulated debt help

What happens if my income increases during the MAP?

The duty to disclose

What AiB does

Small changes usually OK

Key takeaways

Related questions on Minimal Asset Process (MAP)

Who is eligible for MAP?

How much does MAP cost?

How long does MAP last?

Can I own a car and still qualify for MAP?

Where to get free, regulated debt help