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.
Bankruptcy
Criteria
If you cannot pay your debts as they fall due, you are insolvent.
Bankruptcy may be an insolvency solution for you if your debt is over €20,000. If you enter into bankruptcy, your assets and possessions are transferred to the Official Assignee in Bankruptcy. They may be sold with the proceeds going to creditors. Bankruptcy is the best option for you if you are not seeking to retain any assets and you have no capacity to pay anything towards the debts you have. If this is not the case, another option could be more suitable for you.
Advice
If you are in financial difficulty, we are available to offer you free expert advice and guide you in the right direction to help you overcome your debt problem. Call us at +353 (0)1 436 6441.
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