Bankruptcy in NZ

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    • #249358

      Hi everyone, I have just read all the mail about this, and thought I would tell
      you what it is like in nz, from what i have seen with friends of mine, and what
      i understand happens here in nz.

      when they filed for “b”, they lost a lot. they were allowed the house, car
      (worth $3,000), and $500 of tools, plus a few other sundry stuff. They had had
      a business with thousands of dollars of tools, these were sold off to meet some
      of the payments due.

      While bankrupt, not allowed to have a cheque account, or
      credit card, or Hire Purchase, nothing that needs credit. Also not allowed to
      run own business. Only way to earn money is to be employed by someone else.

      This is definitely not an easy way out in NZ, you are left with the bare
      minimum to live with. This is also for 3 years, and you have to apply to “come
      out” of “B”.

      Personally, we have a lot of debt, but would never consider “B”, we would lose
      more than we are going to gain by keeping trying to pay it of. We are
      struggling, most weeks, have to go to my parents for groc money, but we will
      get there. BTW, our debt was due to problems with vehicles, something that was
      out of our control, won’t go into all the details here.

      What we owe isn’t that
      much compared to others, but we feel it, and are trying hard to get it paid off.

      Just my 2 cents worth.

      Jo in NZ

      [Non-text portions of this message have been removed]

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