Div 1 proposal
March 28th, 2007 by Questions
I am in trouble. I just lost a well paying job and am working at one which pays half the money. I have debts over 140K and I would like to make a Div 1 proposal to the creditors. But what scares me is that a refusal of the proposal means automatic bankruptcy. There is one creditor in the group (my former employer) to whom I owe 55K and I suspect that even if the majority of the other creditors accept the proposal this creditor may reject it. Is there any way to avoid automatic bankruptcy?