Bankruptcy may be an insolvency solution for you if your debt is over €20,000.
May be an option for you if it is unlikely that you can repay your debt within 3 years.
A facility where part of the debt is written off and part of it is repaid during a time period.
A Personal Insolvency Arrangement (PIA) covers both secured and unsecured debts.
Contents
| Case Study: Failed Business - Sole Trader | |
| Reason for Debt: | Failed Business – Sole Trader |
| Debtor Profile: | Couple in their late 60’s. Both working part time. |
| Family Home: | Very small mortgage due to finish soon. Being serviced in full. |
| Debt Amount: | Unsecured debt amounts to €220,000. |
| Type of Debt: | Credit Union Debt, Revenue and residual debt from investment property that was sold |
| Arrangement: | 6 month DSA. Lump sum of €20,000 offered by their children in full and final. |
| Return for Creditors: | Creditors got a 4.7% return. |
| Outcome for Debtor: | €200,000 legally written off. Equity in family home safeguarded |
