PHOTO: No-asset procedure is an option when debt gets out of control

A no-asset procedure is like bankruptcy in that it wipes debts when someone gets into strife and cannot pay. It is used when total debt is under $47,000, and the person has no assets and no ability to make repayments. It can only be used once.

Mortgage adviser John Bolton, of Squirrel, says your NAP will show on your credit record for five years, but after that, you will be clear.

 

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