Debt Agreements - Part IX of the Act
A Debt Agreement is a legal alternative to Bankruptcy.
The Debt Agreement allows a debtor propose a formal arrangement with his/her creditors to discharge the outstanding debts either over time or for a lesser amount.
A Debt Agreement is far more flexible and has less restrictions and obligations on the debtor than if a formal bankruptcy was required. Further, a Debt Agreement, if agreed, binds all creditors to the proposal and will protect the debtor from bankruptcy provided he/she complies with the terms of the agreement.
A Debt Agreement requires creditor approval and will usually operate over a three to five year period.
- What is a Debt Agreement?
- What are the voting Requirements for a Debt Agreement?
- What are the eligibility criteria for entering into a Debt Agreement?
- What are the advantages of a Debt Agreement?
- What happens if the Debt Agreement is rejected by creditors?
- How will a Debt Agreement affect my credit rating?
- Will I have to sell my house in a Debt Agreement?
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