Debt Consolidation - avoiding bankruptcy

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Avoiding Bankruptcy

If you are a home owner with equity in your property you may be able to avoid bankruptcy proceedings by refinancing your home and paying out your creditors.

If you are not a home owner, you may be able to consolidate your existing unsecured debts into a single personal loan with a lower rate and lower monthly repayments.

Alternatively you may be able to reach and agreement with your creditors via an informal arrangement.

If all else fails, a formal debt agreement (Part IX or Part X under the Bankruptcy Act) may be signed with creditors to prevent bankruptcy.

Whatever solution you opt for – it is best to avoid bankruptcy if at all possible.