The No Asset Procedure (NAP) and your assetsUp one level
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.