If a person or company is no longer able to pay all their lenders or creditors, the option of an agreement with the creditors is beneficial to the debtor. A creditor agreement is a contract concluded between the debtor and all the creditors. This agreement pays for some part or a percentage of each debt, and the debtor receives a final discharge for the remaining amount due. The debtor can make a new start and the creditors receive their payments immediately. If the contract is accepted by the majority of creditors, the agreement is applicable to all creditors, even to those who did not agree with the proposal.