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Part IX
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An agreement pursuant to Part IX of the Bankruptcy Act, more commonly known as a 'Debt Agreement' provides a process by which a legally binding arrangement can be put in place between a debtor and their creditors as an alternative to Bankruptcy.
Part IX provides additional protections that private arrangements do not afford to debtors. There are also additional consequences.
There are circumstances where Part IX is not an appropriate solution and where debtors will not be able to make use of the provisions given the limitations on asset, debt and income levels.
There are some kinds of debt that are not covered by Part IX agreements.
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