Unfortunately, there are no quick fixes to managing uncontrollable debt. Filing for bankruptcy involves many requirements and restrictions, such as the sale of assets by an agent, monitoring your income, losing certain commercial licenses and abandoning your passport, your credit score is a great success (to name a few). Through a debt contract, you are in principle asking your creditors for a fair path by offering them your best offer. In this way, you can keep assets with shared equity up to the value of the asset limit (more information – contact Safe Debt Management). You will not have your income monitored and you will not have to hand over your passport. It`s up to you. If you wish to continue submitting a debt contract proposal, you must work with your advisor to obtain all the necessary information as a result of the procedure. If you are still not safe, you are always able to contact your advisor to discuss this further. If you want more information, here are some sites that are able to help. When submitting the forms, AFSA conducts a number of checks to ensure that the proposed debt agreement meets its eligibility criteria. To propose a debt agreement, you must read and sign several documents and send them back to Fox Symes.

These are legally binding documents and, as such, there are penalties under the Bankruptcy Act and the Penal Code for providing false or misleading information. You should read carefully and carefully all the information we provide in order to be fully informed. All unsecured creditors have the right to vote. A secured creditor can only vote for an unsecured portion of its debt. For example, if you have a guaranteed loan for a car for which you owe $24,500 and your car is valued at $19,000, the secured creditor has the right to vote on the unsecured portion of that debt. In this example, it is $5,500. This is due to the fact that the value of your car is less than the amount you owe and that this part or lower amount is considered an unsecured debt. Debt agreements are not loans, but an agreement with creditors. It`s a pointless way to combine current unsecured debts into a regular repayment rate that matches your budget. A debt consolidation loan simply borrows a new, larger credit to combine the debt.

Those with a poor credit rating may have difficulty qualifying for a debt consolidation loan. The first relevant date is the processing date, the date on which AFSA accepts your debt contract for processing and sends it to the creditors who will be put to the vote. 35 days from that date or 42 days, when the proposed debt contract is processed in December, is the last day of the vote. This date is called the deadline. A debt contract is a formal option to help you deal with uncontrollable debt. This is a binding agreement between you and your creditors, in which creditors agree to accept a sum of money that you can afford.