What Exactly Is Personal Insolvency?
Personal insolvency occurs when an individual is unable to generate finances to pay back their pending debts, usually for a long period of time. To come to an agreement with those to whom he owes money, the individual files a Personal Insolvency Agreement (PIA). This agreement involves appointing a trustee, who in turn takes care of your financial assets while getting your creditors to sign up for the agreement either for monthly or lump-sum installments to pay back your debt.
What You Need To Know
Before filing a PIA, you must know the workings behind it. You do not need to have any income, assets, or debt limits to file for a PIA. You may also retain some of your assets such as your car or your house if the terms of the agreement allow it. The length of your PIA also depends on what agreement had been reached between your trustee and the creditors. How long the personal insolvency agreement lasts largely depends on your initial agreement, and it concludes upon the trustee making the final payment to the creditor.
Be Open to Other Options
Getting a PIA is just one of the solutions out of a variety of options available under the Bankruptcy Act in Gold Coast. Some other options that you might want to consider include debt agreements and temporary debt protection.
Seek Advice from Professionals!
As specialists in bankruptcy cases, serious fraud and personal insolvency legal practice, we are the top-rates law firm in Brisbane and Gold Coast. In case you are worried about your unmanageable debts and finding it difficult to settle your liabilities, then the best course of action would be applying for personal insolvency to ensure the best possible outcome. Call Brisbane Solutions today for a free consultation or to get an appointment.
