Initiating a trust deed involves entering into a formal agreement wherein you provide the Trustee (a licensed insolvency practitioner) with the details of your debt - how much and to whom you owe money. If a voluntary contribution from surplus income is agreed by both parties you will pay a mutually acceptable sum on a monthly basis (after allowable living expenses). This will then be utilised to pay a dividend to your creditors at which point the Trustee will seek his Discharge and you will receive yours. It may be that you have Title / Joint Title to a property and have a access to a third party, ie: Spouse, who can settle the equity position in the property over a period acceptable to all parties.
