Helping you solve personal debt problems and find a fresh start.

Bankruptcy & Beyond

Bankruptcy Help for Individuals

We understand that for most people, bankruptcy is something to be avoided at all costs. We’re here to dispel fears and confusion surrounding bankruptcy and provide straight-forward advice about what options exist to deal with personal debt problems. Ultimately, there is no one-size-fits all answer, which is why we offer a highly personalised and tailored service suited to your circumstances and designed to put your life back on track with minimal stress.

What Is Bankruptcy?

Bankruptcy is a legal process that exists to protect YOU. It’s not intended as a penalty or punishment and it can offer you a financial fresh start and a way out of endless, crippling financial pressure. Doug Constable Group is here to guide you with expert knowledge of how to solve personal debt problems and offer a pathway from financial chaos to greater security, freedom and relief.

Busting Bankruptcy Myths

There are plenty of myths surrounding bankruptcy and what it means for your life and financial future. The first step towards greater security, stability and certainty is getting professional advice from a bankruptcy expert who can provide accurate guidance to inform your decisions. Doug Constable Group can put together a plan to help you take charge of your life and personal debt problems.

Is Bankruptcy The Only Option?

Bankruptcy isn’t for everyone and there are times when bankruptcy might not be the best option. Trying to understand which choice is right for you can be quite difficult and sometimes searching for answers on the internet can leave you more confused than when you started.

Doug Constable Group exists to empower you with accurate and actionable information about your options, and provide expert advice about which one is right for you.

Formal Debt Agreements

Debt Agreements (otherwise known as Part IX Debt Agreements as it falls under Part 9 of the Bankruptcy Act) are an alternative to bankruptcy and form a binding agreement between an individual and their creditors, where creditors agree to accept a sum of money that a debtor can afford. Generally, a portion of your debt is written off and interest is stopped on unsecured debts.

There are limitations put on who can qualify for a debt agreement based on salary, property value, unsecured debt value, and whether you have been bankrupt or are presently already in a debt agreement.

Personal Insolvency Agreements

A Personal Insolvency Agreement (PIA) is a legal alternative to bankruptcy which forms a binding agreement between an individual and their creditors. Much like a Formal Debt Agreement, it is a declaration that you have been struggling with debt for some time and can no longer afford to repay a debt.

Where a Formal Debt Agreement is managed personally, in the case of a PIA, the agreement is administered by an appointment of a registered Trustee. The powers and obligations of the Trustee are set out in the PIA and the Bankruptcy Act, and they enforce the terms of the agreement, including selling your assets or collecting money on the creditor’s behalf.

The Benefits Of Formal Debt Agreements & Personal Insolvency Agreements

Debt Agreements and PIA’s and can be an effective strategy to achieving debt relief. If your proposal for either option is accepted:

No more interest payments

You no longer incur interest on the debt amount included in your debt agreement.

Your repayments are fixed

Your debt repayments are fixed for the time period laid out in the formal debt agreement.

Protection from creditors

You are protected from debt collectors and any legal action from creditors you make agreements with.

The Downside Of Formal Debt Agreements & Personal Insolvency Agreements

Before pursuing this option, it’s important to be aware of all of the consequences of entering into a Formal Debt Agreement.

Your other debts aren’t included

You still need to pay back all the debts not included in the agreements.

Your ability to obtain credit is limited

Your access to financial products and credit will be severely restricted.

You will be registered as insolvent

Your name will be listed on the National Personal Insolvency Index for 5 years for Formal Debt Agreements and permanently for Personal Insolvency Agreements.

Want Expert Bankruptcy Advice?

Contact DCG for a no obligation, free chat about finding a fresh start.