Part X Personal Insolvency Agreement
If you owe more than $75,000 or you earn more than $75,000 (before tax) then a more formal solution like the Personal Insolvency Agreement might be a perfect solution for you. With a Personal Insolvency Agreement your interest will be frozen and you will be able to make one affordable monthly payment to get out of debt in less than five years.
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Part IX Debt Agreement
If you have less than $75,000 in unsecured debt and owe more than $10,000 to two or more creditors, then a binding repayment agreement might be an approach worth seriously considering.
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Bankruptcy
While bankruptcy can give you significant protection from creditors, you will be subject to the restrictions and ramifications of bankruptcy for the next three years. Bankruptcy can also lead to significant other issues if you own a house or work in a job or profession that might be impacted by you going bankrupt.
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Consolidation Loan
A debt consolidation loan may eliminate your debts, or it might just fool you into thinking you are getting out of debt by trading a new debt for an old one.
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Debt Management
Debt management is a non-binding agreement between you and your creditors to reschedule your debt or modify the way you pay it back. Debt management might be a tempting initial approach but beware, there are real risks.
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