What is a debt agreement in Australia?

General information from Lawmateanz

A debt agreement is a formal alternative to bankruptcy where you offer to pay creditors an amount you can afford over time.

You must meet eligibility limits on debts, assets and income, and creditors must vote to accept it.

A debt agreement is an act of bankruptcy and is recorded on the National Personal Insolvency Index.

Talk to a free financial counsellor through the National Debt Helpline before signing up with a debt agreement administrator.

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