​Debt Relief Notice - DRN
• If you have debts of less than €35,000, a low income and few or no assets, you may apply for a Debt Relief Notice (DRN) through an approved intermediary (AI). A list of AIs can be found on the Insolvency Service of Ireland’s website . 
• The DRN could include secured debts and unsecured debts, such as credit card loans, utility bills or personal loans.
​• A DRN lasts for three years – or less if half of your debts are paid off. After this time any debts that you owe will be written-off i.e. no longer due.
• You are protected while your DRN is in place and creditors, such as banks, cannot take any legal action against you.
• You can only have one DRN in your lifetime

Debt Settlement Arrangement - DSA
A Solution for Unsecured Debts If you have unsecured debts, such as credit card loans or personal loans, a Debt Settlement Arrangement (DSA) may be a debt solution option for you.
• A DSA lasts for up to five years – or in some cases six years.  Any outstanding debts that you owe after this time will be written-off i.e. no longer due.
• A DSA allows you to pay off as much of your unsecured debt as possible.
• You are protected while your DRN is in place and creditors, such as banks, cannot take any legal action against you.
• You can only have one DSA in your lifetime. Personal insolvency practitioners (PIPs) are licensed by the Insolvency Service of Ireland (ISI) to make an application for a PIA on your behalf.
To discuss your options, contact us here. How Bounce Back Insolvency will help you to find a solution to your debt issue
1. Our PIP will help you to complete a prescribed financial statement (PFS) outlining your financial situation.
2. Our PIP will submit your application to the Insolvency Service of Ireland (ISI) and the court.
3. A protective certificate will be issued by the court, which means that creditors cannot contact you about the debt. During this time, our PIP negotiates an insolvency arrangement between you, the debtor, and the banks or other creditors.
4. If there are no objections, the new arrangement will be approved by the court and the ISI will record it in the Register of Debt Settlement Arrangements

Personal Insolvency Arrangement - PIA
A Solution for both Secured and Unsecured Debts
A Personal Insolvency Arrangement (PIA) is an option for secured debts, such as mortgages, and unsecured debts, such as credit card loans or personal loans.
• A PIA can last for up to six years – or seven years in some cases. In some cases the term may be considerably shorter.
• Unsecured debts – personal/credit card loans – are settled. • Secured debts – mortgages – may be settled, restructured and/or written-down to a more affordable level.
• You are protected while your PIA is in place and creditors, such as banks, cannot take any legal action against you.
• You can only have one PIA in your lifetime.
Personal insolvency practitioners (PIPs) are licensed by the Insolvency Service of Ireland (ISI) to make an application for a PIA on your behalf. To discuss your options, contact us
How a PIP Will Help You to Find a Solution to Your Debt Problem
1. Our PIP will help you to complete a prescribed financial statement (PFS) outlining your financial situation.
2. Our PIP will submit your application to the Insolvency Service of Ireland (ISI) and the court.
3. If approved, a protective certificate will be issued by the court, which means that creditors cannot contact you about the debt. During this time, our PIP negotiates an insolvency arrangement between you, the debtor, and the banks or other creditors.
4. If there are no objections, the new arrangement will be approved by the court and the ISI will record it in the Register of Personal Insolvency Arrangements.
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The First Step to Financial Recovery
If you are in financial distress due to mortgage arrears or monthly payments that you cannot afford or if you have mounting credit card loan and/or personal loan repayments, we can help.

Bankruptcy
Bankruptcy may be an option for you if the insolvency solutions – Debt Relief Notice (DRN), Debt Settlement Arrangement (DSA) and Personal Insolvency Arrangement (PIA) – are not appropriate.

Our personal insolvency practitioner (PIP) will advise you on the different options and the most suitable solution for your debt.
Criteria & Process
• You must have a minimum debt of €20,000 to be considered for bankruptcy.
• You must be resident in Ireland i.e. 183 days of the taxation year or 280 days over two years.
• Your property is transferred to the Official Assignee in Bankruptcy who sells it and pays the creditors (banks, for example).
• Your family home may be protected if a schedule of mortgage repayments can be agreed.
• A bankruptcy lasts for 12 months.
• Payments to creditors may last for 3 years if the available funds are more than reasonable living expenses.
• Unsecured debt is written-off.

​Visit http://backontrack.ie/bankruptcy/ for information about the reasonable standard of living, the family home and the type of debt dealt with in a bankruptcy.