No Asset Procedure
If you have debts between $1,000 and $47,000 you may be eligible to enter the No Asset Procedure. There are a number of
other qualifying criteria which must be met, they include:
- the debtor has no realisable assets; and
- the debtor has not previously been admitted to the no asset procedure; and
- the debtor has not previously been adjudicated bankrupt; and
- the debtor has total debts (excluding any student loan balance) that are not less than $1,000 and not more than $47,000; and
- under a prescribed means test, the debtor does not have the means of repaying any amount towards those debts.
The No Asset Procedure provides an efficient way of dealing with debtors who have no assets. It also offers a fresh
start to the debtor with an automatic discharge from the No Asset Procedure 12 months after the date of admission to it.