A personal insolvency agreement is some kind of legal binding between the debtor and his creditors. In this, the debtor offers to pay full or half installments to creditors. Unlike the process of the debt agreement, there is no any kind of debt, asset or income limits. It is somehow a flexible way to arrange all the debts without becoming bankrupt. It involves:
- The appointment of a trustee to take control of the property and provide an offer to creditors.
- The offer may be full or half or the debts must fulfill by installments.
- Some important information to know about the agreement:
- The debt, asset or income limits are not eligible for a personal insolvency agreement.
- The length of PIA will be based on what you negotiate with your creditors.
- If the terms of the agreement allow, you can retain your assets.
- Before applying fees to process, you must speak to a trustee about the fees they may charge.
To fulfill the process in an accurate manner, Corporate Lawyers Perth can help you better.
What to do before entering a personal insolvency agreement?
Seek for a legal advice
Our corporate lawyer Perth services will help you and are available for you in your every complex problem. Our services are independent and confidential. We provide advice about your financial situation and offer you the best option to deal with your unmanageable debt.
Get to know about the options
A PIA has one formal option available under the Bankruptcy Act to manage your debt. Other formal options include debt agreements and bankruptcy. Before entering, you just know your options.
Understand the consequences
PIA can also deliver a serious impact on you as it may affect your employment and ability to get credit so you must know the consequences.
To have a brief discussion on how long the PIA will last, then meet with Corporate Lawyers Perth. They will assist you in the most efficient manner.
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