If you are in debt but you don’t want to go through insolvency, it is advisable to study the provisions on debt agreement in the Bankruptcy Act. But, what is a debt agreement? Can it protect you from creditors? A debt agreement is a legally binding agreement between you and your creditors, with the following stipulations: Your creditor agrees to accept a specific amount payable within a fixed time period, usually within four years. It can also be a full debt settlement with an amount lesser than the actual debts. It signed and accepted by you and your creditor The … Continue reading Understanding Debt Agreements