|
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. |
