Debt Agreement Terminated

You may have options to increase your income or reduce your expenses. See Money Smart at www.moneysmart.gov.au options Insolvency is the formal process that explains why you can`t pay your debts. If you are unable to pay your debts, you may want to consider bankruptcy or an alternative to bankruptcy called a „debt agreement.“ These will be formal legal options available under the Bankruptcy Act 1966. It is an agreement between you and your creditors, that is, to whom you owe money. If your circumstances have changed drastically since the conclusion of the contract and you can no longer afford the fixed payments, it is sometimes possible to make a change at the front. However, this can only be done rightly and must be accepted by your creditors. 3. Termination by creditors: Your creditors can request the termination of your contract if you do not make your contractual payments. This is just a brief guide and it is recommended that you speak with a financial advisor to discuss the best option for you in your circumstances. See factsheet: Debt agreement brokers and factsheet: Getting help for a list of additional resources. Warning: Always consult a financial advisor before going bankrupt, as there are serious consequences you need to understand, including the possibility that any money or property you receive (e.g.B. inherit or earn) while you are bankrupt, will be taken to pay off your debts…