Tag Archive | "debt agreement"
Understand the Restrictions of Bankruptcy
Step 5 – Understand the Restrictions of Becoming Bankrupt You should fully understand the restrictions which bankruptcy may place on your life before declaring yourself bankrupt. If you can avoid bankruptcy by entering into a Debt Agreement or a Personal Insolvency Agreement, you may be able to avoid some of these restrictions which bankruptcy may place on [...]
Continue reading...Debt Agreement
Friday, February 6, 2009
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A Debt Agreement is a legally binding debt restructuring agreement with your creditors. With a Debt Agreement creditors will typically accept less than 100% of their debt and the interest will be frozen. However, before your creditors will agree, they will need to be satisfied that your circumstances allow you to qualify for a Debt Agreement. You [...]
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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