1. What is Personal Insolvency?
???? Personal Insolvency is when you are unable to pay your debts as they fall due.
2. What is a PIP?
???? A PIP is a Personal Insolvency Practitioner. They liaise with your creditors in relation to a Personal Insolvency Arrangement(PIA) or Debt Settlement Arrangement(DSA).
3. What is a Protective Certificate (PC)?
????This is an order issued by the court which offers the debtor and their assets protection from legal proceedings by creditors. A PC lasts 70 days. This can be extended if required.
4. Do I have to go to court?
???? No you do not have to attend court at all during the Insolvency process.
5. How long does an arrangement last?
???? Arrangements can be as little as 6 months or some may last for 6 years, each case is different.
Contact R Hendy & Co today on 0402 29376 ext.1 if you have any questions about Personal Insolvency.