It is not uncommon for persons facing bankruptcy to feel helpless and trapped. If you are facing financial difficulties and threats of bankruptcy, it is important to remember that there are other options to settle your debts. Part IX debt agreements and Part X personal insolvency agreements are two possible ways in which you can resolve your liabilities without having to go bankrupt.
Part IX debt agreements under the Bankruptcy Act 1966 (Cth) are available to people who have small debts, a small number of assets and a low income available to pay creditors. A debt agreement may involve the transfer of some of your property to the creditors, the implementation of a system of periodic payments and/or the reduction of the overall debt owing. The potential benefit to a debt agreement is the avoidance of bankruptcy and total loss of assets. Debt agreements also benefit creditors because it usually gives them a better return than that of a bankruptcy.
A Part X personal insolvency agreement is a reasonably flexible agreement offered under Part X of the Bankruptcy Act 1966 (Cth) and is available to individuals where a Part IX agreement may not be available or appropriate. It is, however, much stricter and formal than a Part IX agreement.
In circumstances where you are facing bankruptcy litigation, it is important to consult the services of a Bankruptcy Lawyer as soon as possible so that your position is not prejudiced. Contact our office and arrange an appointment with one of our experienced Bankruptcy Lawyers.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
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