Bankruptcy

Exploring Bankruptcy as a Last Resort

Bankruptcy may be an option for you if the other insolvency solutions – Debt Relief Notice (DRN), Debt Settlement Arrangement (DSA), and Personal Insolvency Arrangement (PIA) – are not suitable. Our Personal Insolvency Practitioner (PIP) will provide guidance on the different options and help determine the most appropriate solution for your debt.

Bankruptcy Criteria & Process

To be considered for bankruptcy, you must have a minimum debt of €20,000.
You must be a resident in Ireland, i.e., have spent 183 days of the taxation year or 280 days over two years in the country.
Your property will be transferred to the Official Assignee in Bankruptcy, who will sell it to pay the creditors, such as banks.
If a schedule of mortgage repayments can be agreed upon, your family home may be protected.
Bankruptcy typically lasts for 12 months.
Payments to creditors may continue for 3 years if the available funds exceed reasonable living expenses.
Unsecured debt will be written off.

For information about the reasonable standard of living, protection of the family home, and the types of debt addressed in bankruptcy, visit http://backontrack.ie/bankruptcy/.

Need Further Information?

Every journey starts with a step – to begin yours today, please contact us using your preferred method of communication, and we can initiate a discussion about finding a solution to your financial situation.

Bankruptcy

Exploring Bankruptcy as a Last Resort

Bankruptcy Criteria & Process

To be considered for bankruptcy, you must have a minimum debt of €20,000.
You must be a resident in Ireland, i.e., have spent 183 days of the taxation year or 280 days over two years in the country.
Your property will be transferred to the Official Assignee in Bankruptcy, who will sell it to pay the creditors, such as banks.
If a schedule of mortgage repayments can be agreed upon, your family home may be protected.
Bankruptcy typically lasts for 12 months.
Payments to creditors may continue for 3 years if the available funds exceed reasonable living expenses.
Unsecured debt will be written off.

For information about the reasonable standard of living, protection of the family home, and the types of debt addressed in bankruptcy, visit http://backontrack.ie/bankruptcy/.