Comparison of Formal Debt Management Options

A comparative table is invaluable for providing a clear, at-a-glance understanding of the key differences, benefits, and drawbacks of each formal debt management option under the Bankruptcy Act.

It allows individuals to quickly assess which option might align best with their financial situation and priorities.

For instance, while bankruptcy offers a complete discharge of most unsecured debts, it comes with severe asset forfeiture and long-term public record implications.

Debt agreements and PIAs offer asset protection but require creditor approval and often involve ongoing payments, and still carry significant credit impacts.

Use the comparison tools provided by AFSA here>>>>https://www.afsa.gov.au/i-cant-pay-my-debts/compare-your-insolvency-options/debt-comparison-table