Is Voluntary Bankruptcy the only option?
July 29th, 2011 // 7:27 am @ admin
No, there is an alternative called a Debt Agreement Proposal (DAP). It’s similar to a consolidation loan. Some people may have heard them called Part 9 or Part 10 Agreements.
A DAP is a consideration if your debts don’t exceed $92,037.40 (indexed) and you are earning no more than $69,028.05 per year. To be able to put a DAP in place, you must be able to commit yourself financially to paying out your debts over a 3-5 year period.
As we only help with personal bankruptcies, you will need to contact someone else who specialises in Debt Agreement Proposals. There are several available on the internet.
NOTE: Companies dealing with Debt Agreement Proposals usually charge you an upfront-fee which I’ve heard can be a four-figure amount PLUS a monthly administration fee.
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