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Frequently Asked Questions
What's Part IX of the Bankruptcy Act?
Part IX (Part 9) of the Bankruptcy Act provides people
who have limited assets and debts with a mechanism for satisfying their debts without becoming bankrupt or going through the more detailed Part X (Part 10) process. These arrangements are called debt agreements. (If you dont qualify for a Part IX, we can still find a solution for you)
For a quick one on one chat about your circumstances, call 1300 856 882 (no obligation).
Will I be eligible for a Part IX?"
Certain restrictions determine whether a debtor is eligible
to make a proposal under Part IX. The main restrictions
are:
- the amount of income of the debtor,
- the amount of their creditors and
- the value of their divisible assets.
These limits are calculated from the threshold for income contributions in bankruptcy. The asset and liability limits are double the current threshold amount for no dependants, and the income limits is one and one-half that threshold amount.
For More information please call enquire to your left of call us 1300 856 882
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