Personal Insolvency Agreement
A Personal Insolvency Agreement is a debt solution that saves you from the stress and consequences of bankruptcy. Personal Insolvency Agreements are the best option for people who don't qualify for the usual debt agreement due to an income greater than $75,498.15. Often sole traders or those in business partnerships, people with tax problems and those who have used their substantial income to secure loans and credit opt for Personal Insolvency Agreements.
What are the consequences of volunteering for a Personal Insolvency Agreement in Australia?
Unlike bankruptcy, a Personal Insolvency Agreement will not restrict you from operating a business. Your credit report will however record the insolvency, which means you may have issues with credit in the future. Your creditors will meet to discuss and vote on the agreement, which may transfer your debt into more manageable long term payments and even reduce it to as low as 75% of the original value. The majority of your creditors must agree before it becomes legally binding.
Your insolvency agreement will also be made public with announcements in local papers.
Why choose My Debt Help Australia to help you with this solution?
After ten years working with people just like you (or much worse off than you!) we understand the process of declaring insolvency and are able to help you negotiate the best solution for you. We'll assign you a Personal Debt Mentor to help you through this process with discretion and empathy. A Personal Insolvency Agreement can help you through this difficult time without restricting your livelihood, or lifestyle.
Not sure if you qualify? Get in touch now or learn more about all our debt management solutions: