Article Categories

»	Arts & Entertainment
»	Automotive
»	Business
»	Careers & Jobs
»	Education & Reference
»	Finance
»	Food & Drink
»	Health & Fitness
»	Home & Family
»	Internet & Online Businesses
»	Miscellaneous
»	Self Improvement
»	Shopping
»	Society & News
»	Sports & Recreation
»	Technology
»	Travel & Leisure
»	Writing & Speaking

Reprint Article Code

Category: Articles » Business » Article » Article Code

How a Debt Agreement Can Save You from Bankruptcy

Bankruptcy is a word that is still regarded with a certain amount of stigma in society, so any wonder any normal person struggling with debts will do whatever they can to avoid it. 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 ... read more

Article Title:

Article Body:

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; or
 
•	A 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; and
 
•	Are 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 Agreement
 
Remember 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 doesn't 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; and
 
•	Ensure you pay every instalment of your debt agreement.

Is a Debt Agreement Right for Me?
 
If you are in financial difficulty, you're 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 needn't be the end at all!

Author Bio:

Some other recently published business articles

Record Management by Ismael D. Tabije
Record Management is the practice of identifying, classifying, archiving, preserving, and sometimes destroying records. There is an International Standard on records management, ...

Printing Business Cards in the Net by Florante Chok Cay
Nowadays, people are always in a hurry. Since our society is in a fast phase, the demands for faster services and products are high! Most people have usually lesser ...

Treasure Hunts by John Tarr
Treasure hunts have proven to be an exciting opportunity for any corporate or retail team. Many corporations, restaurants, retail stores, and more have participated in ...

Processes used for Different Business Card Printing Services by Florante Chok Cay
Business cards have provided users with so much benefit with regards to advertising and marketing. They have always been good tools that are intended represent a company. Thus, making business cards using efficient tools will ensure ...

Team Building by John Tarr
Team building is very important in the corporate world. Therefore, it is very important for each company who employs large numbers of people to plan activities that will help that company improve in all ...

Benefits Offered By Poster Printing Company by Florante Chok Cay
Since then, poster printing companies have provided high quality designs and prints to users. They have introduced many printing techniques and other ways for the sole purpose of creating perfect prints. Thus, many businesses and people have ...

Publisher Guidelines

You may reprint this article electronically in your newsletter or on your website, free of charge.

If you reprint this article from our site, then you must keep everything intact. This includes the articles title, author name, articles body, authors bio / resource box, the links contained within the article, all copyright notices and the link pointing back to our site. All links within the article must also be made active / hyperlinks.