Bankruptcy Applications

BANKRUPTCY

Bankruptcy is a formal high court insolvency for people with debts over €20,000. It should only be considered when either a Personal Insolvency Arrangement or a Debt Settlement Arrangement is not suitable.

In a bankruptcy your assets and liabilities transfer to the Official Assignee who will sell the assets in order to pay the liabilities. Bankruptcy, while it is a last resort, can allow you to get back on your feet financially and make a fresh start.

FREQUENTLY ASKED QUESTIONS
What is Bankruptcy?

Bankruptcy is a formal high court insolvency for people with debts over €20,000. It should only be considered when either a Personal Insolvency Arrangement or a Debt Settlement Arrangement is not suitable. In a bankruptcy your assets and liabilities transfer to the Official Assignee who will sell the assets in order to pay the liabilities.

Bankruptcy normally lasts for one year, and at the end of this all unsecured debts are written off. Depending on your income it may be necessary to make an affordable payment to the Official Assignee for up to 3 years.

Bankruptcy, while it is a last resort, is a means of getting rid of insurmountable debt. It can allow you to get back on your feet financially and make a fresh start.

Will I lose my house?

You will not necessarily lose your home in a bankruptcy, it may be possible to come to an agreement with the mortgage lender so that you can retain the family home.

How do I apply?

Bankruptcy proceedings are brought in the high court. We can prepare the financial statements and paperwork for the bankruptcy application, and we will take you through the process. There are costs involved and these will be discussed with you in advance.

Other

If you have any other questions please contact us.

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Donal Hackett PIP

Beck House, Kilbride Street,
Tullamore, Co. Offaly.

Eircode: R35 D4F1

Phone: 057 932 1394
E-mail: info@pisolutions.ie

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