Avoid Bankruptcy With Brisbane Debt Solutions
Bankruptcy is not always the answer. Although your debt can be unmanageable, there are other ways in which the bankruptcy can be avoided. We will help you review the following options:
- To submit a declaration of intention (to pay your debts over time);
- Have a debt agreement put in place to once again pay your debts over time;
- Have a professional at Brisbane Debt Solutions assist with a personal insolvency agreement, as well as advice on the above.
What Is A Declaration Of Intention
A declaration of intention is a document that that an individual’s fill out which protects them for 21 days from their unsecured creditors. This means that the unsecured creditors cannot take further action towards an individual to pay/recover debts. This time gives you consideration of the above and how to go about it, should you wish to avoid bankruptcy.
What Is A Debt Agreement
A debt agreement, is an agreement between you and the creditors, in which an individual may come to an arrangement where they can settle their debts without becoming bankrupt. An individual can pay a deposit amount, which may be less than they owe to close the debt or they may repay their debts over time with instalments.
In order for a debt agreement to be considered, the majority of the individuals creditors need to accept it, in other words, what ever value figure you put down, or what instalments you decide to pay, they need to accept it. With regard this, the individual must meet certain conditions to be eligible, which includes having income, assets and debt under a certain amount.
What Is A Personal Insolvency Agreement
A personal insolvency agreement, which is also known as a PIA, is a document which allows an individual to pay their debts in a way which suits their financial affairs. It is relatable to a Debt Agreement, however, how it differs is that your debt, income and assets do not need to be under a certain threshold.
All of the above agreements provide positive solutions, however an individual should be mindful of the fact that they could be paying more over time than their debt, instead of filing for bankruptcy. Please contact one of our friendly staff today at Brisbane Debt Solutions for the best professional advice in Brisbane.
Please note that any advice given by Brisbane Debt Solutions’ website is GENERAL advice, as the information or advice given does not take into account your particular objectives, financial situation or needs. You should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs.