Alternatives to Bankruptcy

Personal Insolvency Agreements are an alternative to bankruptcy for individuals whose income, assets and creditors exceed the Debt Agreement thresholds.

Personal Insolvency Agreements are legally binding agreements between an indivudal and their creditors, whereby an offer is made to either pay the debts in full or in part. Personal Insolvency Agreements require a “yes” vote from creditors who represent at least 75% of those entitled to vote at the meeting.

Similar to Debt Agreements, in most circumstances Personal Insolvency Agreements are for a term shorter than the three (3) year term of the bankruptcy.