Three main limits determine eligibility to propose a Part IX agreement, also known as a debt agreement, to creditors.
| Income after tax | $105,009.45 |
| Available assets after secured creditors | $280,025.20 |
| Unsecured creditors | $140,012.60 |
The above thresholds mean that unsecured creditors can't be owed more than $140,012.60 and your available asset pool (income after tax; available assets) can't be greater than those amounts.
This means means that either a Part X (part 10) personal insolvency agreement or bankruptcy may be an option.
Last updated: 03 March 2024.