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Avoid Bankruptcy
Credit Counsellors Australia

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Options & Alternatives to Avoid Bankruptcy

At Credit Counsellors Australia, we understand that dealing with unmanageable debt can be an incredibly difficult time in anyone’s life. If you feel as though you are on the verge of Bankruptcy and have more than $5,000 in unsecured debt, we can provide you with alternatives to Bankruptcy. Helping you to resolve your outstanding debts, and allowing you to get on with your life.

Based upon your circumstances, there may be some formal or informal alternatives to Bankruptcy that could suit your financial situation. We have detailed a few of these below and can assist with helping you make progress towards a debt free future. So contact us today for a free, no-obligation debt assessment and achieve peace of mind.

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Informal Alternatives to Bankruptcy

There are a number of informal and formal options to help you avoid Bankruptcy, some of which are detailed below.

Read “Dealing with debt: Your rights and responsibilities” available on the ACCC website. This document was written by ASIC and the ACCC. It is intended to help those struggling with debt problems and dealing with Debt Collectors.

Approach your Creditors to renegotiate terms, or speak with us about your debt negotiation options. Often Creditors will agree to renegotiate payments, accept a smaller amount, or give you more time to pay off your debts

Speak with one of our Insolvency Advisors about our complimentary debt assessment. Our Advisors can speak to your Creditors on your behalf to negotiate debt alternatives, and provide you with debt advice.

Formal Alternatives to Bankruptcy

  • A declaration of intention (DOI) to present a Debtor’s petition: A DOI provides temporary relief from Creditors and allows you up to 21 days to decide whether to proceed with Bankruptcy
  • A Debt Agreement: This is a binding agreement where your Creditors agree to a sum of money based on what you can afford. You are released from your debt once you have fulfilled your obligations as per the agreement
  • A Personal Insolvency Agreement (PIA): A PIA is a flexible way to reach an agreement with your Creditors while avoiding Bankruptcy

Our team at Credit Counsellors Australia are experts in helping Australians make better decisions when faced with the reality of Bankruptcy. We can provide you with a range of Bankruptcy options and alternatives that suit your financial situation. Contact our team today to arrange a free debt assessment and to discuss your options for how to avoid Bankruptcy.

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