The alternatives to bankruptcy are debt agreements and personal insolvency agreements (PIA).
Now don’t get me wrong there is a place for debt agreements and personal insolvency agreements. For example, I use debt agreements to help people save their homes.
What I don’t like about debt agreements and personal insolvency agreements is that they do not release you from your liabilities until they are finalised. If they go on for five years, you will not be released from your liabilities until that time, providing you have met all the terms of the agreement.
There is a place for debt agreements and personal insolvency agreements but they must be approached in the right way. It is important that you can afford to live and your life can function while you are subject to a debt agreement or a personal insolvency agreement. If this is not the case you may not be able to get to the end for you to be released from your debts.
If you would like to have a chat about debt agreements or personal insolvency agreements, give me a call on 1300 764 197 and I will give you my thoughts on how to get your best result.