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Bankruptcy sounds daunting, but it doesn’t need to be. Contrary to what many people believe, bankruptcy does not mean you ‘lose everything’. Our in house registered Trustee guides you through the process, step by step, in an efficient manner to relieve any of your stress. If you no longer have control of your finances, there are two types of bankruptcy you can enter; with assets or without assets.
How it works:
A debt agreement is a legally binding agreement between you and your creditors to repay your debts over a period of time, up to a maximum of 3 to 5 years. To enter a debt agreement, you must meet the below requirements:
Secured creditors, such as mortgages holders or finance agreements cannot be included in your debt agreement and will need to be continued to be paid throughout the period.
How they work:
An informal debt agreement is a personalised payment plan between you and your creditors to help manage and repay your debts.
There are many benefits to an an informal debt agreeement, it is not a legally binding agreement and you won’t be listed on the National Personal Insolvency Register. Entering an informal debt agreement means that the interest is frozen and your debt will be paid off between 3-5 years. There are no restrictions on your income, travel, homeowner status or being a director of a company.
How does it work?
We can guide you through entering an informal debt agreement in four simple steps.
A personal insolvency agreement (PIA), is a proposal by you to your creditors, to alleviate your financial distress. We help arrange this through our in-house registered Trustee as this is a legally binding document. A PIA states how you will pay your debts and the length of the agreement can depend on what is affordable to you. In this case, our Trustee helps you take control of your property and sources solutions to pay part or all of you debts back through instalments or a large sump, again, depending on what is affordable to you.
How it is used:
The thought of personal bankruptcy can be daunting. One of the biggest issues is a lack of knowledge and a limited understanding of the process. At Australian Debt Solvers, we have in-house AFSA Registered Trustees who lead a team of professionals that can provide you with expert bankruptcy advice.
Our specialists have the experience required to provide care and empathy in a time of need. We will guide you every step of the way, and complete the process quickly in order to relieve any stress.
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At Australian Debt Solvers, our aim is to reduce financial distress by providing
personal insolvency solutions. We are well aware that no two scenarios are the same which is why it is necessary to get expert advice.
Knowledge and experience have allowed our team of professionals to form a process that ensures a better future for our clients. We can assist with your financial challenges and make your financial position more manageable.
At Australian Debt Solvers, we are in the business of helping people who are in financial distress. We do what we do to help people through the situation they are in, to a better outcome – whether they are a Director of a multi-million dollar company or struggling to make ends meet with their personal finances.Meet the teamEnquire now
Australian Debt Solvers is a national firm with the ability to provide a personal service. Our team specialise in helping people through potential bankruptcy and insolvency. Contact your closest office to arrange a free consultation.
Want to learn more about Personal Insolvency? Read the Australian Debt Solvers Resource Centre which features in-depth articles written by industry professionals.
Some of the most commonly asked questions when it comes to Personal Insolvency
There are many benefits when entering into a Personal Insolvency Agreement (PIA). Entering a Personal Insolvency Agreement (PIA) allows you to avoid bankruptcy, releases you from your unsecured debts and has a reduced timeline of 3-6 months.
Many people opt for an informal debt agreement to resolve their financial distress as it does not have any impact on your credit score. An informal debt agreement gives you the opportunity to negotiate a reduced repayment plan.
Given your situation improves, you can contact your insolvency practitioner who arranged your debt agreement. They will act on your behalf to re-negotiate the debt agreement, in order for you to repay the debt earlier than stated in the agreement.
Filing for bankruptcy would be your best option if you:
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