Struggling With Personal Debts (Video)

You may remember that last month I did an article on the insolvency options available to companies. This article is an overview of the personal insolvency options. If it’s a trust who is in trouble, then you need to establish who the trustee is and go from there. i.e., if the trustee is a person, refer to this article. If the trustee is a company, then refer to my earlier article.

Prefer a quick overview? Watch the short video below or continue reading for a more detailed explanation of each option.

You have three main personal insolvency options. I've called them: 

1. Repayment Arrangements 

2. Formal Arrangements 

3. Bankruptcy

1. Repayment Arrangements 

Informal arrangements are agreements exclusively between the individual and their creditors that don’t need to be supervised by a licensed trustee, e.g., repayment arrangement with a debt collector. They can be documented, but do not need to be. The individual can negotiate the arrangement themselves, or get some