Bankruptcy in Joondalup – Which Path will you take?

Bankruptcy in Joondalup – Which Path will you take?

Bankruptcy in Joondalup – Which Path will you take?

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There are always going to be selections and conclusions in life, and Bankruptcy is no different!

You definitely need to make sure you know as much as achievable about Bankruptcy in Joondalup. So when it boils down to Bankruptcy in Joondalup, there are plenty of alternatives that we can have concerning who we are, who we approach, and just what has happened. So I would like to inform you about 3 substitutes to Bankruptcy that individuals are often confused about– Debt Consolidation, Personal Insolvency Agreements, and Debt Agreements– with any luck I can support you emerge as less confused when it comes to Bankruptcy and your decisions.

CHOICE 1 – Debt consolidation.

This is where you can have an agency wrap up your financial debts into a single bundle.


Can help save money on interest.


There are lots of fees involved (Often canceling out the interest spared).

Won’t help if your credit rating is poor.

Won’t give you a clean slate– simply cleaning up the old financial obligation.

When it comes to Bankruptcy in Joondalup, I really want you to become informed that everybody who provides you recommendations is going to feature some kind of bias (even myself) consequently be sceptical with anything a person says to you about Bankruptcy. This is certainly critical when you consider Debt consolidation because if you talk to a person who works for one, they will obviously inform you that it is the best way since they want your money. Every loan that they help you wrap up into just one nice and simple bundle is going to be another fee– there is a reason why they are such a substantial money-making market. But, it can nonetheless be a good choice for you if you think that getting all your financial debts in the one place is going to help – because even a small amount of interest saved over years easily builds up.

But chances are that if you are reading this, you have possibly already tried this step, and found out that your credit rating is so weak that you can not get a consolidated loan, that you are already too far advanced and the small amount of interest saved won’t make a difference. Most likely you’ve simply had enough of the telephone calls, demands and feeling of anguish that debt carries– and you are looking out for a resolution that can offer you a new beginning.

CHOICE 2 – Personal Insolvency Agreements.

A PIA is a versatile way to organize your financial debts without ending up being bankrupt, often it is a way of decreasing the amount incured and organising exactly how and when everything is to get paid. It does not go as far as insolvency, but has a range of very similar aspects and involves designating a trustee to manage your property and come up with a proposal to your lenders.

It is not Bankruptcy, but instead an ‘act of Bankruptcy’ which indicates that if you cannot properly establish a PIA a creditor can simply apply to a court to declare you Bankrupt and force you to follow those steps. So it may seem to be that PIA is a pretty good option when it comes to Bankruptcy, but it is rarely an easy process to actually get all your creditors to agree– and if you don’t get at least 75% of them to agree, the PIA fails and this will complicate the matter with Bankruptcy.

OPTION 3 -Debt Agreements.

Debt agreements are yet another type of binding commitment between borrower and creditor just like a Personal Insolvency agreement.

So when it interests Bankruptcy in Joondalup, what’s the significant contrast then?

Well the initial obstruction is that it relies on just how much earnings you are handling, and certain other thresholds– If you come under the requirements you can lodge a debt agreement or a PIA, but if you are over your only possibility is a PIA. Similarly, you can not have had similar financial troubles in the last 10 years for a Debt Agreement, but it is only 6 months for a Personal Insolvency Agreement.

So with Bankruptcy, what is the upside to a Debt Agreement? The debt agreement is often a lot quicker to put together and are a little simpler when it comes to managing trustees and handling the government. It can also make it easier to continue running your small business or be a director of a company.

When it comes to Bankruptcy I’ve heard of lenders going with less than 80 % on infrequent occasions, but that typically only occurs with a public company entering into receivership owing significant sums of money (the sort that makes the news). If you are owed $10million and you know the ones who are obligated to repay you the money have a team of fantastic attorneys and some extremely smart frameworks in place and they offer 5 % of the financial debt, you may accept it and be grateful. Sadly, ordinary people like you and me in Joondalup aren’t going to get that lucky!

So in conclusion, you have 3 substitutes to Bankruptcy– Debt Consolidation, Personal Insolvency Agreements, and Debt Agreements.

I would advise starting off by considering a debt consolidation– but if you are too much in debt, it probably won’t make a lot difference and you will be swamped with expenses.

Then, you need to consider whether you are eligible for a Debt Agreement. If you aren’t, look at a Personal Insolvency Agreement. But despite which one you pick, you should be realistic with your expectations considering that when it comes to Bankruptcy nothing is straightforward.

If you wish to learn more about what to do, where to look and what queries to ask about Bankruptcy, then feel free to contact Bankruptcy Experts Joondalup on 1300 795 575, or visit our website:

About the author:


Part IX Debt Agreements
Part X Debt Agreements
Debt Agreements
Debt Consolidation Loans
Personal Insolvency Agreements
Section 73 Bankruptcy Annulment


Insolvent Trading
Company Insolvency
Business Debts
Personal Debts
Voluntary Administrations
Wind Up Notices
ATO Debt
Statutory Demands
ATO Directors Penalty Notices
Declaring Bankruptcy

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Generally the sooner you act the more help we can be to you. For a No Obligation, Free Consultation call 1300 795 575. We are here to help when you need us most

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