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How to get out of debt with a formal creditor arrangement

The Australian Government introduced legislation to help Australians get out of debt with a formal creditor arrangement. The legislation is contained within Part IX and Part X of the Bankruptcy Act. The legislation was first introduced in 1966 under Part X of the Bankruptcy Act. As the law stood in 1966 there were three (3) individual arrangements to choose from ...
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Advantages and Disadvantages of a Debt Agreement

If you are unable to repay your debts on time, a Debt Agreement could be a positive step towards becoming debt free. Unfortunately, there are some downsides and for that reason, you need to carefully review the consequences of entering into a Debt Agreement before proceeding. So you are presented with a balanced view, we list the advantages and disadvantages of ...
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End the cycle of debt & become debt free

How do I escape the cycle of credit card debt and become debt free Credit card debt can become financially crippling if you only pay the minimum amount due each month and continue to incur more debt. Australians are paying record high interest rates as the large commercial banks have largely failed to pass on the interest savings following the ...
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Can Transactions be Clawed Back in Bankruptcy?

If you are facing bankruptcy it may be tempting for some to try and shift assets to keep them away from your creditors. The Bankruptcy Act has very strict rules to protect creditors from people who shift assets prior to bankruptcy.  We will explore the most common type of transactions which may be clawed back under bankruptcy. Bankruptcy and Superannuation ...
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Negotiating an informal repayment plan

What is an informal repayment plan? An informal repayment plan is an agreement between you and your creditors to repay debt (usually over an agreed period of time).  Negotiating a repayment plan is most suitable for people who only have a small number of creditors. If you have more than say three (3) creditors negotiating an informal repayment plan can ...
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Take our debt stress test today

Take a few moments to review our checklist to see if you are experiencing debt stress. Are you experiencing cash flow problems and having difficulty with repaying your credit card or personal loan debt? Are you getting further into arrears with your credit cards or personal loan repayments? Have you attempted to consolidate (or refinance) your credit card debt or ...
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Tips to manage your credit card debt

If you have a credit card debt problem, you are not alone. Many Australian’s  struggle with credit card debt payments every day. Dealing with debt can be incredibly worrying and frustrating, especially if you have high levels of credit card debt which attracts a high rate of interest. However, it is possible to find a solution for your credit card ...
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Bankruptcy Myths revealed

Personal bankruptcy is what occurs when a person of normal means becomes overwhelmed with debt which they are unable to repay. One should always know what impact personal bankruptcy will have before filing for bankruptcy. Unfortunately, many myths and stories exist around bankruptcy that often scare or worry people unnecessarily. Bankruptcy Myth #1: all of my personal assets will all be lost  This is not always true. Some ...
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