A is a great debt solution that saves you from the consequences of bankruptcy while allowing you to restructure your debts. If you do not qualify for the informal debt agreements due to income limit considerations, then this is a great alternative for you. It is usually a preferred option for the sole traders, people that have tax problems as well as those that have utilized a significant part of their incomes in securing credit and loans. It generally applies to the Part X of the Bankruptcy Act 1966 in Australia.
Under a personal insolvency agreement or Part X, the debtor will propose an agreement with the creditors so as to have greater flexibility in settling their liabilities. As is the case with the debt agreements, there are no income thresholds when it comes to the personal insolvency agreements and it is generally administered by a trustee. This can be a registered trustee, a solicitor or even … Read the rest