At Debt Free Australia, we are passionate about helping Australians get out of debt. We understand that it is a challenging and stressful process and that each person’s situation is different. This is why we offer a full suite of debt solutions so you can choose the option that best suits your needs. Whichever one you choose, however, we will be there every step of the way to make the process as smooth as possible.

Debt Agreement

A Debt Agreement is a formal agreement between the debtor and his or her creditors. It is an arrangement in which the debtor and creditors agree on a repayment plan that usually lasts for 3 to 5 years.
To be eligible for a Debt Agreement, you need to meet certain thresholds such as having unsecured debts. Click here to see the Debt Agreement thresholds.
A Debt Agreement is great because it means that you will still be allowed to travel overseas, keep your car and protect your house.

Personal Insolvency Agreement

A Personal Insolvency Agreement is similar to a Debt Agreement in the sense that it is an arrangement with your creditors that usually lasts for 3 to 5 years but it is for people who have larger amounts of debt or earn a higher income. Click here to learn more about a Personal Insolvency Agreement. Likewise with a Debt Agreement, it is governed under the Bankruptcy Act though it must not be confused with Bankruptcy.


Bankruptcy is another option debtors may consider when trying to get out of debt. However, it does impose more limitations than other options which is why we try to explore other options for our clients before considering Bankruptcy.
You can apply for Bankruptcy on a voluntary and involuntary basis and it lasts for typically 3 years once the Australian Financial Security Authority accepts your application.
To find out more about each of these debt solutions that DFA offers, please contact us on 1800 462 767 for a FREE initial consultation with one of our friendly and professional debt consultants.