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The No Asset Procedure (NAP) and your assets

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One of the criteria for entry into a NAP is that you must have no realisable assets.

However, there are some assets that you may keep:

  • Your necessary tools for trade (maximum value fixed by the Official Assignee)
  • Necessary household furniture and effects (maximum value fixed by the Official Assignee)
  • Motor vehicle with a maximum value of $5,000.

You must make the Official Assignee aware of all your assets.
 

Note | KiwiSaver and superannuation funds are considered assets | Learn more.

 

 

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