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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 23070
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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After being declared bankrupt canthe Official Asignee pursue

Customer Question

After being declared bankrupt canthe Official Asignee pursue you for assets that are worth more than the debt? So if you owe $100,000 but your equity in property is $150,000 would the OA return the $50,000 difference to you? Thanks
Submitted: 11 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 11 months ago.

If there is a surplus, then yes you would get back any money remaining after payment of your debts, and also the costs of the Official Assignee. You could also seek a discharge from bankruptcy at that point.