Address: Newbridge Business Centre, Charlotte House, Charlotte Street, Newbridge,
Co Kildare W12 CY98
Co Kildare W12 CY98
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Bankruptcy is ideal for individuals who have unmanageable debts, and who are unable to reach an agreement with creditors through other solutions like a PIA or DSA.
Help you return to financial stability and make a fresh financial start.
Includes most debts. Some debts, such as criminal court fines, cannot be included.
Usually lasts for 1 year. Certain restrictions on assets or income may continue for up to 3 years.
Make a confidential, no-obligation enquiry. You’ll have an initial consultation with a member of our team who will explain your options and what to expect.
Meet with Tatiana McGreal, our experienced and authorised Personal Insolvency Practitioner (PIP). She’ll review your financial situation in detail and answer any questions you have.
Receive clear, tailored advice based on your unique circumstances including what bankruptcy involves, and what the consequences and benefits are.
File your bankruptcy with the Court and begin the legal process.
Your assets (if any) will be managed or sold by the Official Assignee to pay creditors.
After bankruptcy (usually one year) you’re discharged and can begin rebuilding your finances.
Bankruptcy is a legal process that helps individuals who cannot repay their debts and have been unsuccessful in obtaining agreement on an alternative solution such as a PIA or DSA, to have most of those debts legally written off, giving them a fresh financial start.
Anyone who is insolvent (cannot pay debts as they fall due) with total debts over €20,000, and who cannot resolve those debts through a PIA or DSA, may apply to be adjudicated bankrupt by the High Court if they meet the Irish jurisdiction test.
Possibly but not necessarily. When you are made bankrupt, your share in the family home transfers to the Official Assignee. While it’s possible you could lose your home, it doesn’t always happen.
If your home is in negative equity (meaning it’s worth less than the mortgage owed), the Official Assignee usually won’t sell it straight away.
If your home is in positive equity (meaning it’s worth more than what’s owed on the mortgage), the Official Assignee will first offer to sell their share of the home to your spouse or civil partner, if you have one.
The Official Assignee can’t sell your home without permission from the High Court. If they decide not to sell the home within three years of your bankruptcy, ownership will normally go back to you, unless another arrangement has been made.
Every situation is different, so it’s a good idea to get advice about your own circumstances.
Most personal debts are included, such as credit cards, personal loans, utility bills, and mortgage shortfalls. However, some debts like court fines, child maintenance, and certain taxes are not discharged.
Bankruptcy usually lasts for 1 year. After discharge, most debts are cleared, but certain restrictions on assets and income may continue for up to 3 years.
Bankruptcy doesn’t require creditor approval — it’s a court-led solution.
All assets are transferred to a person called the Official Assignee, who is based in the Bankruptcy Division of the ISI. The Official Assignee then arranges for the assets to be sold, and the money generated is distributed to your creditors.
After discharge from bankruptcy, all of your debts will be written off. You will then be solvent and be able to regain some financial independence.
Tatiana McGreal is authorised by the Insolvency Service of Ireland to act as a Personal Insolvency Practitioner (PIP). Tatiana is the founder and Principal of Financial Solutions Ireland (FSI) based in Newbridge, Co. Kildare.
Address:
Newbridge Business Centre, Charlotte House, Charlotte Street, Newbridge, Co. Kildare
Phone:
085 867 4883
085 708 9203