Bankruptcy Debts
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Frequently Asked Questions on Bankruptcy Debts
What happens to my debts?
On the date of adjudication, the Official Assignee becomes responsible for most of your debts incurred prior to your bankruptcy and they will be "Provable Debts". This means that your creditors can submit a claim in your bankruptcy for the amount owing. These debts are frozen on the date you become bankrupt and your creditors can no longer pursue you for payment or add any further penalties to the amount owing. Secured creditors can however realize any valid security that you have given for those debts. Student loans are a provable debt in your bankruptcy.
What happens to my debts after I'm discharged from bankruptcy?
Discharge from bankruptcy releases you from all Provable Debts in bankruptcy meaning that your creditors can no longer pursue you for their debt.
What debts are not included in my bankruptcy?
You will remain personally responsible for the payment of orders for reparation or fines imposed by the Court, maintenance and child support commitments, and advances and overpayments that you may have received from Work and Income New Zealand as well as all debts incurred after the date of your bankruptcy, including tax.
What if creditors continue to pursue me?
If the debt arose before the date of your bankruptcy, contact the Insolvency Officer dealing with your bankruptcy and inform them of the creditor in case their claim has not been recorded with the Official Assignee. Write the date of your bankruptcy on the bill, along with the name of your Insolvency Officer and their phone number and mail it back to the creditor. The fact that you may continue to receive bills for these debts does not mean that it is not included in your bankruptcy. If any creditor continually puts you under pressure to pay a bankruptcy debt, contact your Insolvency Officer immediately.
How do creditors claim their debts?
Creditors are required to complete a prescribed Proof of Debt form and supply supporting evidence of the debt you owe them. Claims can be made online and the Official Assignee will pay a dividend in proportion of the full debt owed.
Debts are admitted by the Official Assignee who will take into consideration the status of some claims which may take preference over others. Claims for such things as wages, PAYE and GST are preferential and are paid ahead of ordinary unsecured creditors.
Can creditors repossess goods?
Any items that are on hire purchase or subject to a security will remain your responsibility during bankruptcy.
On the date of adjudication, the Official Assignee becomes responsible for most of your debts incurred prior to your bankruptcy and they will be "Provable Debts". This means that your creditors can submit a claim in your bankruptcy for the amount owing. These debts are frozen on the date you become bankrupt and your creditors can no longer pursue you for payment or add any further penalties to the amount owing. Secured creditors can however realize any valid security that you have given for those debts. Student loans are a provable debt in your bankruptcy.
What happens to my debts after I'm discharged from bankruptcy?
Discharge from bankruptcy releases you from all Provable Debts in bankruptcy meaning that your creditors can no longer pursue you for their debt.
What debts are not included in my bankruptcy?
You will remain personally responsible for the payment of orders for reparation or fines imposed by the Court, maintenance and child support commitments, and advances and overpayments that you may have received from Work and Income New Zealand as well as all debts incurred after the date of your bankruptcy, including tax.
What if creditors continue to pursue me?
If the debt arose before the date of your bankruptcy, contact the Insolvency Officer dealing with your bankruptcy and inform them of the creditor in case their claim has not been recorded with the Official Assignee. Write the date of your bankruptcy on the bill, along with the name of your Insolvency Officer and their phone number and mail it back to the creditor. The fact that you may continue to receive bills for these debts does not mean that it is not included in your bankruptcy. If any creditor continually puts you under pressure to pay a bankruptcy debt, contact your Insolvency Officer immediately.
How do creditors claim their debts?
Creditors are required to complete a prescribed Proof of Debt form and supply supporting evidence of the debt you owe them. Claims can be made online and the Official Assignee will pay a dividend in proportion of the full debt owed.
Debts are admitted by the Official Assignee who will take into consideration the status of some claims which may take preference over others. Claims for such things as wages, PAYE and GST are preferential and are paid ahead of ordinary unsecured creditors.
Can creditors repossess goods?
Any items that are on hire purchase or subject to a security will remain your responsibility during bankruptcy.
Bankruptcy Debts
Bankruptcy Debts
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