Section 73 Proposal A Better Option Than A Debt Agreement

Are you considering bankruptcy or a debt agreement? Maybe a Part IX or Part X? You need to know all the facts and options before you decide.

Talk with Insolvency Professionals before you consider entering into a Part IX or a Part X debt agreement as this will ultimately end in a disaster, Your credit file will be damaged for around 7 years. Make no mistake about debt agreements they are a form of Bankruptcy and will be remain on your credit file as Bankruptcy for many years.

People are not aware that these forms of bankruptcy will stay on your credit file for around seven years. So what are your options? Maybe a Section 73 Proposal as an annulment under Section 73 of the Bankruptcy Act will not will leave your credit file clean as long as you declared all your debts and creditors in your statement of affairs (SOA).

If all this sounds confusing then contact Insolvency Professionals so we can put together a Section 73 Proposal for you. If we can satisfy a vote that is 75 % in value and 51% in number we will achieve an annulment under Commonwealth Law.

Remember that you must offer your creditors a reasonable amount of money over time in most cases the debt can be paid over three years. This avoids you having to pay out large amounts upfront. Your trustee acting in your Bankruptcy will review the proposal and advise if they will support the Section 73 Proposal or not. This is where we help and assist we will help manage the proposal from beginning to end. We look after this whole process. We will even be your representation at the meeting we even advise you on your annulments likely hood of success.

Once you have been annulled from Bankruptcy we are able to clean your credit file. It’s like you were never bankrupt at all. This means that you can then apply for loans or credit cards even respective licenses again as all state legislation that may conflict with Commonwealth legislation is second to the Commonwealth legislation.

Contact us now for a free consultation so we can discuss your circumstances. We can help you become financially free and in just three short months.

Comments are closed.

Insolvency Professional Partners: The Migration Place | The Law Place | Irish Bentley