When an individual becomes burdened with debt there are a number of options they can consider. They can be extremely complicated and if done without the right advice they can come back and haunt you for many years to come. These options include:
2. A Part IX or Debt Agreement
3. A Part X or Personal Insolvency Agreement
Which one is best for you depends on your personal circumstances. If you complete the Bankruptcy Evaluation we can let you know which one would be best for you based upon your answers.
Many people who find themselves under the burden of debt get tired of the harassing phone calls from their creditors and end up simply ignoring them, which we all know is not really a good option as eventually they will catch up with you. However, when you have no money and no ability to pay down the debts these harassing calls and letters can be extremely depressing and Taxing on you.
Debt Agreements or “DA’s” and Personal Insolvency Agreements or “PIA’s” are certainly options to consider but many people fall into the trap of either believing or being told that they are the best option for them. This is seldom the case so don’t make a decision to go down this path until you have spoken with us.
There are of course Pros and Cons for each, depending on your personal circumstances. However, Debt Agreements and Personal Insolvency Agreements are not a one size fits all option. In fact we seldom see these Debt Agreements as one of the best options for any of our clients. Many organizations will steer you towards one of these options and often charge very large fees to administer them, creating even more financial burden for you. The option that is best for you will depend on your circumstances, so complete the FREE Bankruptcy Evaluation to find out. In our experience, Bankruptcy is most often the best option and will provide you with the peace, finality and best outcome you can get.