Tag Archive | "creditor"
Bankruptcy – can the time period be extended?
Usually the time period for bankruptcy will last for 3 years from the time you submit and file a Statement of Affairs with ITSA. However, the time period for bankruptcy can be extended to 5 years (ie extended by 2 years) or in extreme cases it can be extended up to 8 years (ie extended by [...]
Continue reading...Don’t Commit an Offence whilst bankrupt
Tuesday, September 1, 2009
Be careful not to inadvertently commit an offence whilst you are bankrupt. Committing an offence whilst you are bankrupt could lead to your bankruptcy being extended for up to 5 or 8 years and in some cases can lead to a prison sentence and or a fine. Listed below are some offences described in the Bankruptcy [...]
Continue reading...Personal Insolvency Agreement | PIA
Friday, February 6, 2009
A Personal Insolvency Agreement (PIA) is another formal restructuring agreement with your unsecured creditors. A Personal Insolvency Agreement is also known as a Part X arrangement as it is administered under Part X of the Bankruptcy Act. Only a To be eligible to propose a PIAyou must be insolvent, ie you cannot pay your debts when [...]
Continue reading...Debt Management
Friday, February 6, 2009
Debt Management is the process where you may choose to negotiate directly with your creditors to settle your debts. If you only have one or two creditors we recommend that you first approach your creditors directly and try to negotiate an informal payment arrangement. If you have more than two creditors negotiating an informal arrangement may [...]
Continue reading...Bankruptcy
Friday, February 6, 2009
Bankruptcy is most extreme form of debt relief. Bankruptcy can have severe implications on peoples lives and as such all options to avoid bankruptcy should be carefully considered beforehand. You should first enquire to see if you qualify for other options to avoid bankruptcy like a: Debt Consolidation loan; or Debt Agreement; or Personal Insolvency Agreement In most cases bankruptcy [...]
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Saturday, September 5, 2009
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