Mar 27

What is a Personal Insolvency Agreement?

Financial hardships can creep up at any time. Job loss, family issues, poor budgeting or an investment that isn’t performing to the level you had hoped, can bring into your life the unforgiving burden of too much debt. Cheques start to bounce and credit cards get declined whilst the bills continue to pile up. For […]

Jun 18

Does a Debt Agreement or a Personal Insolvency Agreement affect your credit rating?

Are you thinking about entering into a Debt Agreement or Personal Insolvency Agreement, but worried if it will affect your credit rating? The short answer is yes. A Debt Agreement or Personal Insolvency Agreement is going to have an impact on your credit file. Entering into such an agreement is an event that will be […]

May 07

A Personal Insolvency Agreement was what we needed

Dear Debt Free, I would like to thank you and your team again for all the help and understanding with our situation.  When my husband lost his job we thought that he would only be unemployed for a short time.  As time went by and the longer it was taking to find a job, we […]

May 03

What is Personal Insolvency?

Personal Insolvency can refer to one of two things. The term personally insolvent, is just another way of saying somebody is unable to repay their debts. A Personal Insolvency Agreement, is a legal agreement entered into with creditors under the Australian Bankruptcy Act. It is important to understand the distinction between these two terms. In […]

Apr 03

Personal Insolvency Agreement

Have you got more than $97,680 in unaffordable debt and need to find a debt solution? We can help you combine all unsecured debt into a formal repayment arrangement (subject to strict criteria and creditor approval). >Call Us today to see if you qualify.

Feb 18

Transactions to Defeat Creditors

If a person enters into a transaction (prior to becoming bankrupt) with the prime purpose of the transaction is to defeat creditors (ie keep the money or property out of the reach of their creditors) then in certain circumstances the transaction (after bankruptcy) can be set aside by the Bankruptcy Trustee. There is no time […]

Feb 18

Registered Bankruptcy Trustee

A Private Registered Bankruptcy Trustee is a qualified insolvency specialist. Usually they hold a university degree in accountancy or commerce and are either members of the Institute of Chartered Accountants or CPA Australia. A Registered Trustee may also be a member of the Insolvency Practitioners Association of Australia. All Registered Trustees must be registered with […]

Feb 18

Preference Payments

Preferences are payments or transfers that may be recovered by a Bankruptcy Trustee, in other words you must first become bankrupt before your Trustee could seek to recover any preference payment from any of your creditors. Only payments can be recovered where it can be established that the creditor received a preference or advantage over […]

Feb 18

188 Authority

The 188 Authority initiates the appointment of a Controlling Trustee. A 188 Authority is irrevocable and upon signing a 188 authority, you commit an act of bankruptcy, which means if your creditors do not accept your proposal your creditors will be able to reply upon that event and petition the court for your bankruptcy (in […]

Feb 18

Controlling Trustee

What is a Controlling Trustee? A Controlling Trustee is a fully qualified insolvency specialist who would typically specialises in the area of personal insolvency. Only a Registered Trustee or Solicitor can act as a Controlling Trustee. What does a Controlling Trustee do? The role of the Controlling Trustee is to investigate the affairs of the […]