Tom is a 40 year old solicitor who runs his own legal practice. He is married with two children. He owns his own home worth $1.4m with his wife. The mortgage is $600k. His share of the house is therefore $400k. He has a nice car. He owes unsecured creditors $250k. One unsecured creditor owed $150k is trying to bankrupt him. Given enough time Tom believes that he can refinance or borrow the money from family to repay unsecured creditors in full. The unsecured creditor trying to bankrupt him does not believe Tom can refinance. Tom also prefers to avoid bankruptcy so that he can continue to run his legal practice. Tom therefore appoints a Trustee to put a proposal to creditors for a Personal Insolvency Agreement. Sam the Trustee investigates Tom’s circumstances and provides a detailed written report to unsecured creditors. Tom’s proposal is to give him six months to refinance or borrow the money from family to pay unsecured creditors in full with interest. Unsecured creditors vote in favor of the proposal. Tom refinances and repays unsecured creditors in full within the six months. Tom thus saves his legal practice and home.