
Best Bankruptcy & Debt Lawyers in Christchurch
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
List of the best lawyers in Christchurch, New Zealand

Browse bankruptcy & debt law firms by service in Christchurch, New Zealand
Christchurch, New Zealand Attorneys in related practice areas.
About Bankruptcy & Debt Law in Christchurch, New Zealand
Bankruptcy and debt law in Christchurch, New Zealand refers to the legal status of an individual or organization unable to repay the debts they owe to creditors. The process begins when either the debtor or the creditor files a petition with the official assignee of the High Court. New Zealand's Insolvency and Trustee Service is responsible for administering all bankruptcies and these laws are designed to give individuals and businesses debt relief.
Why You May Need a Lawyer
Engaging a lawyer can be beneficial when dealing with Bankruptcy & Debt matters primarily because such legal issues can get complex. If you're overwhelmed by debt, a lawyer can guide you through your available options, which could include negotiating with creditors, restructuring your debts, or filing for bankruptcy. Secondly, a lawyer can help protect your rights by ensuring that your creditors are not violating any laws in their collection efforts.
Local Laws Overview
The principal law governing bankruptcy in New Zealand is the Insolvency Act 2006. This act provides for two personal insolvency procedures: bankruptcy and the no asset procedure. Bankruptcy, more severe, lasts for three years and provides for the realization of all the debtor's assets by the Official Assignee. The less severe, the no asset procedure, lasts for 12 months and applies when the debtor has no assets to realize. Debtors are automatically discharged from bankruptcy after three years, but extensions are possible if the debtor fails to cooperate with the Official Assignee.
Frequently Asked Questions
What is the process for declaring bankruptcy in Christchurch?
To declare bankruptcy in Christchurch, an application must be lodged with the Official Assignee of the High Court. The Assignee will then assess your application and your financial situation, following which they will declare you as bankrupt if it is established that you're indeed insolvent.
Can bankruptcy be avoided?
Yes, there are multiple options available for individuals to avoid bankruptcy such as entering into a debt agreement or personal insolvency agreement, or even arranging an informal agreement with your creditors.
How long does bankruptcy last in New Zealand?
In New Zealand, bankruptcy typically lasts for a period of three years, but it can be extended under certain circumstances.
What are the effects of bankruptcy?
Bankruptcy can have significant effects on an individual's life, including harm to their credit rating, ability to travel overseas and possibly affecting their employment in certain professions.
Can all debts be included in bankruptcy?
Not all debts can be included in bankruptcy. Certain debts, such as court fines, student loans, and child support payments, among others, are not able to be included in bankruptcy scenarios.
Additional Resources
The Insolvency and Trustee Service is a government agency that manages insolvencies and provides valuable resources for those dealing with bankruptcy and debt. Similarly, the Citizen's Advice Bureau and Community Law Centres can provide free legal advice in matters related to bankruptcy and debt.
Next Steps
If you are facing financial difficulties and are considering bankruptcy, it is highly recommended to seek professional legal advice. Consider consulting a lawyer specializing in Bankruptcy & Debt law to discuss your situation, make informed decisions, and navigate the complexities of Bankruptcy & Debt laws in Christchurch, New Zealand.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.