Organization : Insolvency and Trustee Service
Facility : Apply for Bankruptcy
Country : New Zealand
Website : https://www.insolvency.govt.nz/personal-debt/personal-insolvency-options/bankruptcy/
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Insolvency Apply for Bankruptcy
Bankruptcy may be a good insolvency option for you if you owe more than $47,000.
Related : Insolvency and Trustee Service Apply for NAP New Zealand : www.statusin.org/42688.html
What it is?
Bankruptcy is a way to clear your debts if there’s no way you can pay back the people or organisations you owe money to.
It’s not an easy way out — entering bankruptcy means the Official Assignee has control over everything you own (except things like your clothes and household appliances), and can sell them to pay off your debts.
Who it’s for?
** You can become bankrupt if you owe more than $1,000, but it’s best for people who owe more than $47,000.
** If you owe less than $47,000 you should consider a Debt Repayment Plan (Summary Instalment Order or SIO) or a No Asset Procedure instead.
What if you Live Overseas?
If you are living overseas you can still become bankrupt. Creditors that are not based in NZ will be sent a report if they are listed in your bankruptcy, but they can continue to chase you for any money you owe them.
Your assets in New Zealand become the property of the Official Assignee. If you have assets outside of NZ, the Official Assignee may have your NZ bankruptcy recognised in the overseas country and may deal with those assets also.
How it Works?
Bankruptcy usually lasts for three years from the date that you complete a Statement of Affairs. Once you’re bankrupt, creditors can’t chase you for any included debt or add any further penalties or interest to the debt you owe.
You can apply for bankruptcy yourself (debtor’s application), or a creditor can ask the court to make you bankrupt (creditor’s application). You can be bankrupt more than once in your life.
How to Apply Online?
1. Make sure you understand the consequences and 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 bankruptcy.
** 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.