Debt Agreement (Part 9)

كتب - آخر تحديث - 16 سبتمبر 2021

The first relevant date is the processing date, i.e. the date on which AFSA accepts your debt agreement for processing and sends it to the vote of creditors. Thirty-five days from that date or 42, if the proposed debt agreement is processed in December, the last date of the vote. This date is called the deadline. And you don`t get a passport for all kinds of debts. You must always repay what you owe from debt agreements that fall under Part IX of the Bankruptcy Act 1966. The Australian Financial Security Authority (AFSA) is responsible for the management of the Act and its rules. A debt agreement ensures that you are protected from any other legal action, including bankruptcy, during your agreement on the debts incurred. In principle, you are protected by bankruptcy law without going bankrupt. If you go bankrupt, you won`t have to pay most of the debts you owe.

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