This is a flexible alternative to declaring voluntary bankruptcy and is a preferred choice for certain individuals.
A Personal Insolvency Agreement generally involves either lump sum payments to creditors (which could be via funds from a third or related party), regular repayments and / or the transfer or sale of certain assets that would not be available in a bankruptcy (or any combination of the above).
If approved by creditors and you meet your obligations, then you will be release from your debts and generally able to rebuild your life sooner.
Let us help you consider whether a Personal Insolvency Agreement may be the right alternative and if so, assist in you putting forward a proposal to your creditors as a viable alternative to bankruptcy.
Benefits:
- Avoids the potential stigma and associated restrictions with bankruptcy and provides you with a flexible framework to deal with your financial difficulties
- Provides protection from creditors
- Provides a greater return to your creditors than would otherwise be available in a bankruptcy scenario.
A Personal Insolvency Agreement is also a legal process (insert AFSA what is a PAI hyperlink) and therefore it is important to seek advice from a qualified professional about whether it is right for you.
Michael Jones and Bruce Gleeson are Registered Trustees and can act as Trustee. They both have significant expertise to ensure you receive right solution to deal with your financial position.