What happens if I'm made bankrupt in New Zealand?

General information from Lawmateanz

Bankruptcy is managed by the Official Assignee, part of the Insolvency and Trustee Service. Your assets, apart from certain protected items, can be sold to repay creditors.

While you're bankrupt, there are restrictions. For example, you can't be a company director or run a business without permission, and you can't travel overseas without consent.

Most people are automatically discharged after three years, and most debts are then wiped, though some, such as fines and child support arrears, generally aren't.

There are alternatives to bankruptcy for smaller debts. Free financial mentors through MoneyTalks (0800 345 123) can help you look at options.

Written by Lawmateanz, not by a lawyer. General information only, not legal advice about your situation. For advice about your own matter, talk to a lawyer.

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General information only. Answers are written by independent lawyers based only on what's in the question. They aren't legal advice about your situation and don't create a lawyer–client relationship. For advice about your own matter, talk to a lawyer directly.