--- title: Get Out of Debt Without Declaring Bankruptcy description: You can get out of debt without declaring bankruptcy. Sometimes debt can become overwhelming, whether your circumstances have changed or you have taken on too many financial commitments. image: https://lanyana.revivefinancial.com.au/hubfs/Get-out-of-debt-without-declaring-bankruptcy.jpg --- [![DR-Logo---Powered-by-RF-(2021)-137x60px](https://lanyana.revivefinancial.com.au/hubfs/DR-Logo---Powered-by-RF-(2021)-137x60px.png)](https://debtrescue.com.au) Menu [Apply Online](https://solutions.debtrescue.com.au/online-assessment-form) [1800 003 328](tel:+611800003328) 1800 003 328 - [Recent Articles](https://solutions.debtrescue.com.au/articles) - [Debt Consolidation](https://solutions.debtrescue.com.au/articles/tag/debt-consolidation) - [Debt Agreements](https://solutions.debtrescue.com.au/articles/tag/debt-agreements) - [Informal Agreements](https://solutions.debtrescue.com.au/articles/tag/informal-agreement) - [Debt Relief](https://solutions.debtrescue.com.au/articles/tag/debt-relief) - [Bankruptcy](https://solutions.debtrescue.com.au/articles/tag/bankruptcy) - [Budgeting](https://solutions.debtrescue.com.au/articles/tag/budgeting) - [Business Debt](https://solutions.debtrescue.com.au/articles/tag/business-debt) - [Credit File](https://solutions.debtrescue.com.au/articles/tag/credit-file) - [Education](https://solutions.debtrescue.com.au/articles/tag/education) - [News](https://solutions.debtrescue.com.au/articles/tag/news) - [Research](https://solutions.debtrescue.com.au/articles/tag/research) - [1800 003 328](tel:+611800003328) Talk to a Professional Apply Online [1800 003 328](tel:+611800003328) Call Now # Get Out of Debt Without Declaring Bankruptcy Posted by [Debt Rescue](https://lanyana.revivefinancial.com.au/articles/author/debt-rescue) on Jan 17, 2013 2:01:00 AM - [Tweet](https://twitter.com/share) [![Get-out-of-debt-without-declaring-bankruptcy](https://lanyana.revivefinancial.com.au/hubfs/Get-out-of-debt-without-declaring-bankruptcy.jpg)](https://lanyana.revivefinancial.com.au/articles/get-out-of-debt-without-declaring-bankruptcy) You can get out of debt without declaring bankruptcy. Sometimes debt can become overwhelming, whether your circumstances have changed or you have taken on too many financial commitments. When you face serious financial hardship, you are facing uncertainty, stress and anxiety which can penetrate into other areas of your life such as your relationship, your job and your health. When you think of unmanageable debt, your mind jumps straight to [bankruptcy](https://debtrescue.com.au/declare-bankruptcy/) and all the restrictions and obligations it entails. The possibility of losing the family home and restrictions on your income, assets and lifestyle is a frightening prospect no-one should have to face. Fortunately for many Australians, you can get out of debt without declaring bankruptcy. In Australia, there are many positive solutions available to get out of debt without declaring bankruptcy. In fact bankruptcy is only viewed as a last resort. There is a positive solution available for people at all stages of debt. If you are struggling with your financial situation, read through the following stages and decide which method is best for you to get out of debt without declaring bankruptcy. ## Stage 1. Feeling the Pinch When you first notice your repayments becoming a little too much to bare, you can tweak your finances and implement a strict budget. By having a handle on your debts, when they are due and how much you need to pay, you become empowered and in control. In the 2013-14 financial year, the most given reason for people entering into debt agreements was due to excessive credit including spending and borrowing. With a budget you will always know exactly where you stand with your finances and you will know what you can or can't afford. Proper budgeting is an essential skill to ensure you can always get out of debt without declaring bankruptcy. ## Stage 2. Missing Repayments So your debt is getting away from you. Not to worry, a debt consolidation loan might give you the time and confidence to get back on track. A [debt consolidation](https://debtrescue.com.au/debt-consolidation-advice/) loan is a simple way to reduce your interest fees and stress levels before your debt gets out of control. The process involves rolling your debt repayments into one easy-to-manage repayment through [refinancing](https://debtrescue.com.au/debt-consolidation-advice/). The debt consolidation loan is enough to pay out your existing debts and all you are left with is one repayment, one loan, one set of fees and interest. A debt consolidation loan is a great way to get out of debt without declaring bankruptcy. ## Stage 3. Falling on Hard Times You never know what life is going to throw at you. You could lose your job, fall ill, sustain an injury or break up with your partner. These circumstances and many more can have an impact on your finances and your ability to repay your debts. Not all banks will sympathise with your change of circumstances and your debts might spiral out of control. Luckily, there is a positive solution for you. A [Debtstroyer Agreement](https://www.debtstroyer.com.au)is your secret weapon against bad debt. Essentially it is an informal debt agreement between you and your creditors outlining a new repayment schedule better suited to your situation. A Debtstroyer Agreement could reduce the amount of your overall debt, pause your fees and interest, increase the time you are given to repay your debt, allow for a lump sum pay out of your reduced debt or a combination of these things. You can use a Debtstroyer Agreement to get out of debt without declaring bankruptcy to get you through the difficult time in your life. ![Is-Your-Business-In-Financial-Distress](https://lanyana.revivefinancial.com.au/hubfs/DR%20Blog%20CTA%20Banner%20-%20Debt%20Agreement.gif) ## Stage 4. Buried in Debt Your debt is charging on full steam ahead, but you are stuck back at the station still trying to buy a ticket. Your debt is well and truly out of your control and you feel as though there is nothing you can do to stop it. A [Debt Agreement](https://debtrescue.com.au/debt-agreement/) might be exactly what you need. A Debt Agreement is a formal arrangement between you and your creditors which is legislated under the Bankruptcy Act. Much like an informal agreement it allows you to renegotiate the payment arrangement of your debts to a plan that is viable for you. Unlike an informal agreement, a Debt Agreement is a legally binding contract and is therefore considered an act of bankruptcy so it will appear on your credit rating for three years. Once you have repaid your debt agreement you can rebuild your credit file through continuing to make your repayments on time and by avoiding excessive credit enquiries. Debt Agreements were introduced almost 2 decades ago as an alternative to bankruptcy and have helped thousands of Australians get out of debt without declaring bankruptcy. ## Get Out of Debt Without Declaring Bankruptcy If you are looking to get out of debt, you don't have to turn straight to [bankruptcy](https://debtrescue.com.au/declare-bankruptcy/). There are positive solutions available to get out of debt without declaring bankruptcy such as [debt consolidation](https://debtrescue.com.au/debt-consolidation/), mortgage refinancing, an [Informal Agreement](https://debtrescue.com.au/debtstroyer/) or [Part 9 Debt Agreement](https://lanyana.revivefinancial.com.au/articles/debt-agreement-vs-bankruptcy). If you feel like there is no help available to you, call Debt Rescue and Talk to An Aussie Who Cares. The experienced case managers can help you get out of debt without declaring bankruptcy. For more information on Bankruptcy, check out our Bankruptcy page [here.](https://debtrescue.com.au/declare-bankruptcy/)  Topics: [Bankruptcy](https://lanyana.revivefinancial.com.au/articles/tag/bankruptcy), [Debt Agreements](https://lanyana.revivefinancial.com.au/articles/tag/debt-agreements) ## More Articles - Recent Articles - Debt Consolidation - Debt Agreements - Informal Agreements - Debt Relief - Bankruptcy - Budgeting - Business Debt - Credit File - Education - News - Research ### Subscribe Here! ### Get the Latest Debt Free and Budgeting Advice straight to Inbox Free ### Recent Posts ### If you are in too deep with debt, we here to rescue you. We have the right solution for your situation. Contact us today. No obligations, just solutions! ## Talk to an Aussie who cares. 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All of our Australian Credit Licenced activities within our Group are undertaken by our related bodies corporate Revive Financial Lending Pty Ltd ACN 152 573 610, Australian Credit Licence 418721 and Revive Financial Pty Ltd ACN 621 446 697, Australian Credit Licence 503321 and Revive Debt Agreements Pty Ltd CAN 133 509 654, Authorised Credit Representative Number 452856 and Registered Debt Agreement Administrator Number: 1337. Liability limited by a scheme approved under professional standards legislation. ## What Kind of Debts Do You Have? ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Credit-card-icon.png) Credit/Store Card ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Personal-loan-icon.png) Personal Loan ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Pay-day-loan-icon.png) Pay Day Loan ![](https://debtrescue.com.au/wp-content/uploads/2020/11/tax-debt-icon-green.png) Tax Debt ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Unitilties-Icon.png) Utility Bill ![](https://debtrescue.com.au/wp-content/uploads/2020/11/other-icon.png) Other Please select at least one type of unsecured debt. Next ## How Much Money Do You Owe? $10,000 $1,000 $100,000+ Next ## Find Out How To Reduce Your Debt ### Your First Name ### Your Last Name ### Your Email ### Your Phone Phone number must be 10-digits long and begin with a 0. (e.g. 04 1234 5678) ### Your Post Code Post code must be 4-digits long (e.g. 4567) Some of your details appear incorrect. Please update the highlighted fields and re-submit. Submit ## Congratulations! ### You've taken the first step to becoming debt free Let's keep the momentum going and complete our assessment form to receive an instant debt analysis. [Start Instant Assessment](https://solutions.debtrescue.com.au/online-assessment-form) By submitting this form you acknowledge that you have read and accept our [Privacy Policy](https://lanyana.com.au/privacy-policy/)