If, during your bankruptcy period, you have entered into a bankruptcy restriction agreement or have entered into a bankruptcy restriction business, this will not stop if you are discharged from bankruptcy. It will continue as long as the order or commitment has been made. No, although debt contracts are managed in accordance with bankruptcy law, they are an alternative to bankruptcy. However, by submitting a proposal, you are committing „an act of bankruptcy.“ Your debt administrator will let you know if you must continue to pay these debts after entering into your Part 9 debt contract. If you`re not sure, call her. Your Part 9 debt contract will be removed from your credit file and your name will be removed from the NPII after 5 years. This leaves you with a clean slate to rebuild your finances. Immediately after your Part 9 debt contract is reduced, your credit score may be considered quite low. This is most likely due to a lack of financial activity in your credit history and is expected to improve in the coming months. A Part 9 debt contract is a sure way to clear your financial slate and start over. As all your unsecured debts are in a repayment agreement, you do not receive any default. A Part 9 debt contract can be the first step to rebuilding your financial life. Understanding and respecting the terms of the agreement is essential.
Sometimes someone who has successfully repaid a Part 9 debt contract will again find themselves in a difficult financial situation. In this case, the same services and solutions are not immediately available, which limits your chances of freeing up your debt. You cannot enter into a 9 debt contract if you have gone bankrupt in the last 10 years or in a debt contract. Depending on the situation, you may be eligible for an informal debt contract, or bankruptcy might be your best solution. Don`t let your debts get out of hand. The sooner you act, the more options you have at your disposal. If you are having trouble paying your Part 9 debt contract, contact your administrator immediately. If the difficulty is due to a change in circumstances, it may be possible to propose a change to the debt contract.