You may have read about Debt Agreements and Personal Insolvency Agreements already. You may have even made some enquiries about one or both of these options, but we sometimes find that people are confused about the difference between these agreements and bankruptcy.
We’re here to clear up any misconceptions that you may have picked up and as one of Australia’s leading trustee firms, we specialise in all areas of personal insolvency solutions.
Debt Agreements and Personal Insolvency Agreements offer a formal method of settling debt in a way that you can afford. Whilst both options are different from Bankruptcy, they are still acts of bankruptcy, so it’s important to understand the benefits and consequences of all personal insolvency options. This way; you’ll be able to make an informed decision about the best way to solve your debt problems.
A Debt Agreement (Part IX/9 of the Bankruptcy Act) is a legally binding agreement between you and your creditors where you negotiate to repay a ...Read more
Personal Insolvency Agreements
Similar to the Debt Agreement, a Personal Insolvency Agreement (PIA or Part X, Part 10) is a legally binding agreement between you and your ...Read more
Comparing the Options
Bankruptcy, Debt Agreement or Personal Insolvency Agreement? Personal insolvency is a complex field and when you’re overwhelmed with debt, it can ...Read more