Can I propose a debt agreement?
- You are able to propose a debt agreement if you:
- are insolvent and are therefore unable to pay your debts as they fall due;
- have not been bankrupt, entered into a debt agreement or appointed a controlling trustee in the last 10 years; and
- have unsecured debts, assets and an after-tax income for the next 12 months all less than the specified limits.
- It is important to note that proposing a debt agreement is an act of bankruptcy.
Read some more FAQS from our Bankruptcy section