If you’re considering bankruptcy, be sure to contact Insolvency Services Australia to assess your financial situation and receive personal debt solutions at the lowest price, guaranteed.
Personal debt solutions, which include Debt Agreements and Personal Insolvency Agreements, are legally binding payment arrangements governed by AFSA. They will give you legal protection from your creditors so you can avoid becoming bankrupt.
Debt Free Australia attempts to steer you away from bankruptcy by working closely with you to assess your financial situation and determine the best possible personal debt solution for your individual case.
Here, DFA provides a breakdown of the two most common personal debt solutions.
Debt Agreements and Personal Insolvency Agreements
Both these personal debt solutions are quite similar and differ depending on how much you earn and how much you owe your creditors.
The agreements provide an affordable payment plan for your unsecured debts which is negotiated with your creditors. Once the agreement is set up and agreed upon, all interest on your debts will be frozen. Thankfully, the agreements are spread over a flexible period of time to make payments a lot more affordable.
By applying for one of these personal debt solutions, you will have peace of mind knowing you are protected from any unsecured creditors threatening you with legal action or bankruptcy.
It is possible that your creditors will not accept your Debt Agreement proposal, however in our experience this is not common. If by chance this personal debt solution is not accepted, you will still have the option of submitting a revised proposal or applying for an informal hardship arrangement with your creditors.
In the rare instance that you need to consider bankruptcy, DFA can help you with that as well.
For more information on DFA and our personal debt solutions, call Debt Free Australia a call on 1800 462 767