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How is a part 10 Agreement calculated?

Hello, I am concidering a part ten agreement and wanted some advice. I owe about $280,000 (business venture failure) and then about a further $100,000 made up of credit cards and tax payments. I currently earn $120,000 per year and have no assets.

I am wondering how much the offer to the creditors will have to be for them to accept it and over what period of timeI will have to make those payments?

Am I better off going bankrupt for the 3 year period?

Also, I have spoken to one admistrator and they have asked for an upfront payment of $5000 to help me through

the process. This seems expensive. Are there cheaper/free alternatives?

Cheers

Dave

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Permalink Reply by Cliff Mearns on July 18, 2012 at 13:09

Dave, hello.

There are different rules to proposing a Part X - Personal Insolvency Agreement.

I don't know where you're located so can't direct you to a particular Trustee. But it's a Trust that you need to help you set up a proposal.

Suggest you either look in the yellow pages under Bankruptcy Trustees or call the Insolvency Practitioners Association for a referral.

Good luck

Permalink Reply by Dave Harrods on July 18, 2012 at 14:31

HI Cliff

I am in Perth.

Is $5000 too high a fee to pay? What is an average fee?

 

Regards,

Dave

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