Three main limits determine eligibility to propose a Part IX agreement, also known as a debt agreement, to creditors.
Income after tax | $107,739.45 |
Available assets after secured creditors | $287,305.20 |
Unsecured creditors | $143,652.60 |
The above thresholds mean that unsecured creditors can't be owed more than $143,652.60 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.
However, verify current amounts via the Australian Financial Security Authority (AFSA)'s webpage here.
Last updated: 20 September 2024.