Bankruptcy in Sydney might allow you to escape a hopeless financial position, and make a fresh financial start after the three-year bankruptcy period has elapsed.
However, a Debt Agreement (under Part 9 (Part IX) of the Bankruptcy Act) is designed for debtors who want to avoid full-blown insolvency. This Debt Agreement will allow you to repay your debt to your creditors at an affordable level over a 3-5 year time span.
If you have a poor credit history, or want to avoid bankruptcy, you can speak to one of the professional insolvency experts at Insolvency Guardian about how you might be eligible to enter into a Debt Agreement arrangement, thereby possibly avoiding bankruptcy altogether.
For those who have large debts and wish to avoid bankruptcy, a Personal Insolvency Agreement under Part 10 (Part X) of the Bankruptcy Act will allow you to repay your creditors at a higher return than they would normally receive, should you declare bankruptcy.
Personal Insolvency Agreements, like Debt Agreements, can benefit your financial future; however it is important you contact Insolvency Guardian today and seek expert advice to manage your debt according to your circumstances.
At Insolvency Guardian we understand how stressful and daunting it can be to confront personal insolvency. We make it our goal to work with you to identify issues, risks and decisions to manage the financial impacts for your stakeholders, future business and individual financial standing. Our professional team will work as hard as they can to provide you with a stress-free bankruptcy solution in Sydney.