Alternatives to Bankruptcy

If you cannot pay all your debts when they are due to be paid, we may be able to assist you. We take the approach of assessing every situation to consider the options available to avoid bankruptcy.

We use a ladder, ranging from a debt negotiation for the least invasive solution to bankruptcy which is used to solve critical problems.

We assess your unique situation to see where you are on our ladder, and we can guide you to the most suitable solution. The earlier you seek help the more options you will have. The pathways for individual debt solutions fall under two broad categories, informal agreements and formal agreements. Typically, informal agreements are better suited to early intervention cases.

W

Informal Agreements – Debt Negotiations

Informal Agreements and debt negotiation work best for clients who need early intervention and have fewer debts. These methods offer a personalised path to resolve debt issues, providing flexible alternatives to formal processes.

Since these agreements aren’t bound by the Bankruptcy Act, we can directly engage with your creditors. Debt negotiations may involve extending payment deadlines, arranging flexible payment plans, or settling for a reduced amount.

Our experienced team collaborates with your creditors to find arrangements that fit your financial situation. Through these negotiations, our aim is to establish manageable repayment terms and effective debt reduction strategies, helping you regain control of your financial future without the restraints of formal agreements or bankruptcy.
W

Formal Agreements – Debt Settlements

Formal agreements provide a flexible solution to overwhelming debt without resorting to bankruptcy, making them particularly suitable for clients dealing with multiple creditors and an income that cannot sustain the original repayment terms.

Formal agreements are carefully structured debt resolution solutions protected by the Bankruptcy Act, although they may not necessarily lead to bankruptcy.

These agreements are legally binding on you and your creditors and serve to protect the interests of all parties in the agreement.

Options such as Part 9 Debt Agreements and Part 10 Personal Insolvency Agreements offer structured payment plans and debt settlements for individuals with various income and asset levels. They can provide a flexible path to debt resolution without bankruptcy.

Our knowledgeable team guides you through the formal process, ensuring compliance with legal requirements and seeking the best possible outcomes for your financial situation.

At BT Acumen, we are here to guide you in determining whether this solution aligns with your needs and financial situation.

How can we help?

We can manage debt negation or a formal arrangement
At our firm, we take the time to talk to you, listen to your concerns, and work with you to find the best solution for your individual circumstances.

We understand nobody wants to be overwhelmed with debt and are here to help.