A Debt Agreement is officially called a Part IX Debt Agreement.
Debt Agreements became law under the Bankruptcy Act in 1996 as a way for people on low and normal incomes to deal with their debt. Up until this point the only formal option was to declare bankruptcy.
What Debt Agreements do is allow those people who do not wish to go through bankruptcy to deal with their debt in a formal manner.
In essence a Debt Agreement combines all of the contracts and agreements that you have for each and every unsecured debt into one new lawful agreement that covers all of those debts.
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