Debt
Agreements
Debt agreements allow you to make regular, affordable payments to pay your creditors an amount you can afford (even if those payments add up to less than what you owe).
Personal Insolvency Agreements
Similar to debt agreements, a personal insolvency agreement also allows you to make regular repayments; this is usually reserved for people with $100,000+ worth of debt.
Bankruptcy
Seen as a last resort if any of the above options are not viable, bankruptcy can release you from most of your debts but can have serious implications.