We have had two reports today of student loan borrowers being given wrong information by the IRD. In the first example, we are told that the IRD stated that a student loan debt of more than $40,000 was "too low" for a bankruptcy application. This is wrong. If your debt is more than $1,000 you can apply for bankruptcy.
In the second example, we are told that the IRD officer advised that you have to be living in New Zealand to apply for NZ bankruptcy. Wrong again. We have never had any difficulty in processing NZ bankruptcy applications for our clients and they live all over the world.
It is not in the IRD's interests that student loan borrowers seek the protection of bankruptcy, however, we hope this isn't a reason for giving wrong advice.
In the second example, we are told that the IRD officer advised that you have to be living in New Zealand to apply for NZ bankruptcy. Wrong again. We have never had any difficulty in processing NZ bankruptcy applications for our clients and they live all over the world.
It is not in the IRD's interests that student loan borrowers seek the protection of bankruptcy, however, we hope this isn't a reason for giving wrong advice.