Organization : Insolvency and Trustee Service
Facility : Apply for NAP No Asset Procedures
Country : New Zealand
Website : https://www.insolvency.govt.nz/personal-debt/personal-insolvency-options/no-asset-procedures/
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Insolvency Apply for NAP
A No Asset Procedure (NAP) is probably the best insolvency option for you if you owe less than $47,000, have no assets and have no extra money to make repayments on your debt.
Related : Insolvency & Trustee Service Apply for SIO New Zealand : www.statusin.org/42682.html
What is it?
A No Asset Procedure (NAP) is a way to clear your debts if you have no way of paying them. It doesn’t have as many restrictions as bankruptcy, but it will have an impact on your credit rating and possibly your employment prospects.
A NAP usually lasts for one year. When you enter the NAP your debts are cleared. Your creditors (the people or organisations you owe money to) don’t get paid anything.
Who it’s for?
To enter a NAP you must owe between $1,000 and $47,000 in total. This can include secured debts like a couch you have on hire purchase, but it doesn’t include student loans, court fines or reparations.
You must have no way to pay any of your debt, and nothing that you can sell to help make payments, including money in a bank or other fund. Note however that KiwiSaver funds are protected in insolvency however once you are eligible to withdraw them, they can be included.
How to Apply?
1. Understand how it works and the impact
2. Use the checklist to make sure you’ve got everything you need for the application
3. Register as a user of the website by going to the Do It Online tab
4. Make your application by following these steps :
** Once you’ve logged in, click on Do it Online and then Apply for No Asset Procedure.
** Complete the application (Statement of Affairs) — you’ll need to include all money that you owe, both secured and unsecured.
** When you finish entering information, the system will use it to show you any other insolvency option(s) — you can change if you want to. Or, you can save your application and get advice before you finish.
** Submit your application.
** You will need to sign a Verification page which you need to complete and return to the Insolvency and Trustee Service. You can choose to have this emailed to you so that you can print it or you can choose for it to be posted to you.
** Wait for the Official Assignee’s decision. You should get a written answer within 10 working days, including a reason if your application is rejected. If you provide a mobile phone number, you’ll get a text message when your application is received and another one when it’s been accepted or rejected.
After You’ve Applied
** You’ll hear from us within 10 working days. If we accept your application, your creditors will be told five (5) working days later.
** For privacy reasons your application won’t be put on the public register unless it is accepted.
** Until your application is accepted, you’ll need to keep dealing with your creditors and make payments as usual.
** If we need any extra information from you, we’ll contact you. If you don’t provide the information quickly, your application may be rejected.