Ireland has finally introduced proper Bankruptcy legislation meaning you can be bankrupt for 3 years instead of 12 years. It is still a serious solution to resolve your debts but if your situation is suited to bankruptcy it can be a great way to start afresh.
Bankruptcy is where the property or assets of an individual, who is unable (or unwilling) to pay their debts, is transferred to a trustee (a person given charge of the property) by the High Court to be sold. When the property or assets are sold, the costs, expenses, court fees and certain priority debts are paid. After this, the net proceeds are distributed to those owed money (the creditors).
In nearly all cases, the Official Assignee in Bankruptcy, an officer of the Courts Service, is the trustee to whom this property is transferred. This is the person who administers the estate of bankrupt persons.
To find out more about bankruptcy, to see if you qualify or if there are other better options more suited to your situation please fill in the form below.
There are 2 ways to become bankrupt: You can Petition for your own Bankruptcy or one of your creditors (people you owe money to) may petition for your bankruptcy.
If your debts are large enough that you are considering bankruptcy there may be better solutions available that may suit you better.
The Debt Settlement Arrangement (“DSA”) or Personal Insolvency Arrangement (“PIA”) are two new debt solutions enacted by the Irish Government in 2012. These solutions can allow you to come to an agreement with your creditors to enable you to keep your assets.
Find out more by clicking on the links above or calling us or filling in the form above.
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