How,Debt,Agreement,Can,Save,Yo business, insurance How a Debt Agreement Can Save You from Bankruptcy
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Obviously, if you are in financial difficulty, it is always advisable that you speak to a bad credit expert about ways you can get out of debt, and sometimes a debt agreement may be suggested as a possible way out of the dark hole of debt.What is a Debt Agreement and how can one Save Me from Bankruptcy?A debt agreement is a simple, legally binding agreement with your credit providers or lenders. It is considered to be an act of bankruptcy, however, you can still secure finance including a mortgage if you have a debt agreement. Legally, these are referred to as Part IX (Nine) and Part X (Ten) and upon approval of your creditors (at least 75% or more of the dollar value of your debt) such agreements you can put in place may allow for: A payment of less than the full amount of all or any of your debts, freeing up extra cash each month;A stop on the payment of your debts or a stop on the interest that accrues on your debts, allowing you to get some money together to make the payments; orA transfer of property from you to one or more of your creditors in lieu of full or part payment of the money you owe to them.Can Anybody Qualify for a Debt Agreement?As great as debt agreements may sound, it is important to note that not everybody is eligible. A debt agreement may be proposed by you if you:Have not been bankrupt, or used a debt agreement in the last ten years;Have a net tax income of less than $52,907 each year;Have unsecured debts of less than $70,543; andAre unable to pay your debts when they fall due each month.Also, your debt agreement must be approved by your creditors. To enjoy the benefits of a debt agreement, at least 75% of the dollar value of your creditors must agree to your proposal.The Golden Rules of the Debt AgreementRemember that when you are in financial difficulty, you are in a vulnerable position and there are businesses out there, claiming to be bad credit experts, who will take you for a ride. To make sure a debt agreement saves you from bankruptcy and doesnt land you in it, here are some points to follow:Find a reputable bad credit specialist who will negotiate your debts down, proposing a debt agreement that you can afford; andEnsure you pay every instalment of your debt agreement.Is a Debt Agreement Right for Me?If you are in financial difficulty, youre struggling to pay your bills and you think you may fit the criteria of somebody eligible to benefit from a debt agreement, it is best that they speak to a reputable bad credit expert who can work with you to negotiate the best arrangement for you. A good specialist will talk to you to gain an understanding about your specific situation, and assess whether a debt agreement could be your way of avoiding bankruptcy. A debt agreement should be used only as the second last resort to bankruptcy, and with careful financial guidance from a specialist team, it can be viewed as your catalyst to a better, more secure financial future. Bad credit neednt be the end at all!
How,Debt,Agreement,Can,Save,Yo