Please note that Debt Agreements are a flexible alternative to bankruptcy. As mentioned in our other posts, the bankruptcy action is recorded on The National Personal Insolvency Index. It is available to the public.

If you have unsecured debts and income exceeds the thresholds you cannot propose a debt agreement. If your debts exceed $95, 386.20 after tax and income exceeds $71,539.65 (at June 2012), you cannot propose a debt agreement.

Once entering a debt agreement, the debtor is expected to propose an agreement that is achievable and a sustainable offer to their creditors.