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The No Asset Procedure (NAP) and your assets

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You can’t enter a NAP if you have realisable assets – things that can be sold to help repay your debt.


While you’re in the NAP, you can keep:

  • Tools needed for your work (up to a certain value)
  • Necessary household furniture and effects (up to a certain value)
  • Motor vehicle worth up to $6,000
  • In most cases you will be able to keep your KiwiSaver funds.


You must tell the Official Assignee about all your assets.


Funds in a KiwiSaver account are protected so long as they remain there. If you withdraw any funds for any reason during your NAP they may become available to pay your creditors and so your participation in the NAP may be terminated.
 

Note | Superannuation funds are considered assets | Learn more.

  

 Next | Understanding the consequences