Debt Agreement Defined Sample Clauses

Debt Agreement Defined. Debt agreements are arrangements between a debtor and creditors to deal primarily with unsecured debts that would be provable if the debtor were to become bankrupt. They are legally binding arrangements regulated by the Bankruptcy Act. Debt agreements are intended for people with modest levels of income, unsecured debt and unprotected assets. References in this paper such as (s. 185 C (4) ) are references to sections of the Bankruptcy Act 1966 (Commonwealth). An important advantage of debt agreements is that the debtor does not become bankrupt.
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Related to Debt Agreement Defined

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