Jul 1

Part IX (Part 9) Debt Agreement is Part IX of the Bankruptcy Act. Part 9 of the Bankruptcy act provides a mechanism for eligible debtors to avoid Bankruptcy. Applying for a Part 9 debt Agreement should not be taken lightly, and you should alway consider the agreement to be part of the Bankruptcy Act and if at all possible should be avoided.

Part IX of the bankruptcy act allows a debtor (you) to enter into a debt agreement with your creditors (lenders) where they may recieve less than the full amount of your debt; and where your debt will be finalised.

Is there criteria for entering into a Part 9 Debt Agreement? For more information regarding Part 9 Debt Agreements see ” Should i Apply for a Part 9 Debt Agreement ?”

There are lenders who may provide unsecured finance to Consolidate Bad Debts even if you have credit defaults.

Contact Us or Apply for a Loan to obtain more information on the products available to you.

Jun 22

What are the Criteria for Applying for a Part 9 (IX) Debt Agreement?

Below is a list of Criteria that was up to date as of 4th July, 2006. For more up to date information you should see the latest edition of the Bankruptcy Act.

You may not Apply for a Part 9 Debt Agreement under the following conditions:

  • You have an after tax income that exceeds $55,719.30.
  • You have Unsecured Debts who’s value exceeds $74,292.40.
  • You own unsecured Assetts who’s value exceeds $74,292.40
  • In the last 10 years you have not be bankrupt, or entered into another Part 9 Debt Agreement or Part 10 Personal Insolvency Agreement (Part X).

There may be other criteria not listed above. If considering a Part 9 or Part 10 Agreement there may be an Unsecured Personal Loan Alternative. See Bad Credit Personal Loans .

Contact Us or Apply for a Loan to obtain more information on the products available to you.