Personal Debt Solutions
We can help.
We know how difficult it is to take the first step. Our free confidential consultation will help you understand your options and free you from debt.
When someone is facing mounting debts, one immediate assumption is that bankruptcy is the only option. However this is not always the case. In fact, Insolvency Options considers this to be the last resort.
A Debt Agreement is a preferable option over bankruptcy, for all parties involved. A Debt Agreement is a legally binding agreement between you and your creditors to settle your debts. The Insolvency Options team is qualified to act on your behalf and repay a negotiated percentage of the debt owed to creditors. This percentage is dependent on what you are able to afford over a fixed period of time. Once the payments and period of time has ended, you are released from your financial obligations to those creditors.
There are eligibility requirements in order to enter into a Debt Agreement. The eligibility is determined on the amount of combined debt owed, your assets and your income. If you have been bankrupt, had a previous debt agreement or a personal insolvency agreement within the last 10 years, you will be ineligible.
Call our friendly team on 1800 463 328 to see if a Debt Agreement is right for your situation.
What are the consequences of a Debt Agreement?
How long does a Debt Agreement last for?
What is a Registered Debt Agreement Administrator?
Can I do a Debt Agreement myself?
Other Personal Debt Solutions
Other options available in dealing with personal debts are Personal Insolvency Agreements and Bankruptcy. Both are solutions that provide an individual relief to unmanageable debts.
Personal Insolvency Agreement
Alternatively to a Debt Agreement, a Personal Insolvency Agreement is also a legally binding agreement between you and your creditors. It is an alternative option to bankruptcy. While both options are Agreements to satisfy debts, there are several differences.
A Personal Insolvency Agreement requires a Trustee to administer the entire process. Our team will refer you to a qualified Trustee that has helped individuals with financial stress through Personal Insolvency Agreements.
When engaged in a Personal Insolvency Agreement, a Trustee will assess your situation and make a formal offer to creditors on your behalf. The offer will either pay all or part of your debts in order to relieve you of your financial obligations to these creditors. There are no eligibility requirements to enter into a Personal Insolvency Agreement. The Trustee will negotiate on your behalf with your creditors to determine the length of the agreement and the payment required to settle the debts. A Personal Insolvency Agreement typically allows you to retain the majority of your assets such as your house and car.
If you feel a Personal Insolvency Agreement may be suitable for you, call our team on 1800 463 328 and we will refer you to an expert and qualified Trustee.
When does a Personal Insolvency Agreement end?
Can I do a Personal Insolvency Agreement myself without a Trustee?
What is a Trustee or Registered Trustee?
Are there consequences of entering a Personal Insolvency Agreement?
Bankruptcy allows a person to be freed from their debts and make a fresh start. The bankruptcy period lasts for three years and one day. It is a formal insolvency process that must be managed by a Trustee. A qualified Bankruptcy Trustee, will immediately take the pressure off you by liaising with your creditors on your behalf. This can come as much needed comfort when you are dealing with creditors chasing payments.
Once you are declared bankrupt, the Trustee will manage your financial affairs, income and assets. This will include selling assets and using these proceeds to pay your creditors. Assets may include cash at bank, vehicles and property. There are exemptions to what assets will be sold as part of the bankruptcy process. These typically include superannuation, vehicles up to a certain value and tools that help you earn income.
Whilst bankruptcy does allow you to be released from your debts, there are consequences. Bankruptcy may affect your business, your employment and your income. For these reasons, it is important to speak to our team to discuss all your options.
Book a free confidential consultation today on 1800 463 328 to discuss if Bankruptcy is suitable for your circumstances. If Bankruptcy is the most suitable option, our team will refer you to a qualified Trustee.
Business Debt Solutions
Small Business Restructuring Plan
If your business is struggling to pay its debts, then the Small Business Restructuring Plan may be right for you.
Work with our skilled team to get your business back on track.
Voluntary Administration / Deed of Company Arrangement
This Voluntary Administration option is for businesses that need to resolve their debts in order to continue trading. It provides immediate debt relief after an Administrator is appointed.
Creditors' Voluntary Liquidation
Dealing with debt is stressful and sometimes dissolving a business is the most appropriate course of action.
A Creditors’ Voluntary Liquidation is designed to wind up a business after its debts have been resolved.
A Court Liquidation occurs when a Liquidator is appointed by the Court to wind up (liquidate) a company. A Court Liquidation is commonly instigated by a creditor that has made an application to the Court to liquidate the company due to unpaid debt.
Our Free Consulation Service
Our initial step in your consultation is to listen to best try and understand your situation. Your confidentiality is just as important to us as it is to you.
Our consultation also covers what your options are; the benefits, considerations, costs and expected outcomes of each option. Anything that you have disclosed to us during this consultation is kept completely confidential.
Find out what you should expect from our free consultation service. Speak to our personal debt solutions team today.