Not every individual is eligible to apply for a Personal Insolvency Agreement (PIA). To qualify for a Personal Insolvency Agreement, a debtor must:
- Have unsecured debts of more than $118,063.40
- Earn an income of more than $88,547.55 p.a. (after tax) or $119,138 p.a. (before tax)
- Have available equity in assets of more than $236,126.80.
Additionally, you may are able to propose a PIA if you have not applied for another one in the past six months and have residential or business connections to Australia.
If you do not meet any of these amounts you may need to consider a Debt Agreement. For more information on a PIA and how ISA can help you to propose one, contact us today on 1800 003 883.