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Alternatives To Bankruptcy

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Published on Dec 11, 2012

Declaring bankruptcy is a serious decision and is not a step that should be taken lightly. Here at Get Debt Free we are often asked about the alternatives to bankruptcy. The two most common alternatives to bankruptcy are:
debt agreements and
personal insolvency agreements.
Most people are motivated to avoid bankruptcy because the idea of three years of restrictions and obligations can be overwhelming. Aside from the possibility of losing one's assets, a bankrupt person must undergo an annual assessment of their income. Depending on how much you earn you may need to pay statutory income contributions to your bankruptcy trustee. You can use our on-line assessment calculator to see if you would be liable to pay income contributions were you to go bankrupt.
The major advantages of a debt agreement or a personal insolvency agreement are that you are not forced to give up your assets and you do not need to do an annual assessment of your income. In bankruptcy, the more you earn the more you would pay, but all that is required for a debt agreement or personal insolvency agreement is an initial assessment of your income to determine what is affordable for you. Unlike bankruptcy, if you get a pay rise during the term of your agreement your payments do not have to increase, which means more money in the pocket for you.
Another significant benefit of a debt agreement or a personal insolvency agreement is that there are no restrictions placed on you if you wish to travel overseas.
Get Debt Free are industry leaders in the provision of all personal insolvency services. We are licensed to administer all personal insolvency appointments including:
bankruptcy
debt agreements and
personal insolvency agreements.
Call us today on 1800 98 10 70 if you would like us to help you to avoid bankruptcy.

http://www.get-debt-free.com.au/bankr...

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