Bankruptcy Ireland
What is Bankruptcy?
Bankruptcy is the legal method by which a person legally declares their inability to pay their debts. Bankruptcy is seen as a last resort when you are in debt but depending on your individual situation it can be a fresh start for you, however keep in mind if you are considering bankruptcy there are some serious implications that come with it.
How are you made bankrupt?
You can make yourself bankrupt or if you owe creditors money and can’t afford to pay them they can request that you are made bankrupt. Bankruptcy proceedings are managed by the courts. Before considering bankruptcy it is worth looking into what other options are available as a debt management plan may help to solve your debt problems. For more information on this call us on 1890 719 465.
Once you are declared bankrupt your creditors can no longer pursue your for payment and your assets will be placed under the control of an assigned trustee. A Trustee is someone who looks after your bankruptcy case. This can be a licensed insolvency practitioner or an official receiver who is an officer of the court. They are responsible for investigating the debtor’s assets and find the best way to recover as much of the debt as they can.
Bankruptcy generally has a bad stigma around it as it is made public and your details will be placed on the Bankruptcy Register which is maintained by the Department of Trade & Industry and The Insolvency Service. Also anyone who you are associated with financially such as banks, mortgage companies, loan companies, landlords etc. will be informed of your bankruptcy, and in some occupations your employment may be at risk.
If you are thinking of declaring yourself bankrupt please get in touch with us today and we can explain bankruptcy to you further and discuss all the options available to you. Although Bankruptcy frees you from your debt because you cant pay it, keep in mind that although your debts will be cleared your assets such as your house, car, valuables, life insurance plans, etc may be at risk as they could all be sold off in order to pay as much of the debt as possible. It is not a way out of debt, bankruptcy is serious, call us now or get in touch and see how we can help you. What are the Implications of bankruptcy? Bankruptcy is seen by most people as a last resort as there are several risks and implications with it such as…
- Depending on your occupation your employment may be at risk i.e. You cannot be a company director, you may not practice as an Accountant / Lawyer / Justice of the Peace / Member of Parliament, you cannot take part in the promotion, formation or management of a limited company (LTD) without permission from the court.
- You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
- You will lose control of your assets.
- Your landlord will find out if you are renting a house
- You cannot obtain credit for over €250 without the permission from the lender.
- Your credit is affected for many years after the annulment.
- You may be publicly examined in court.
Is there an alternative to Bankruptcy?
Many people see bankruptcy as their only choice when struggling with their debt problems. Bankruptcy is NOT your only choice. Debt Management may be able to resolve your debt problems without the severity of bankruptcy. For more information on this call us now on 1890 719 465 and speak to one of our friendly advisors who will talk you through your options. Our advice is free and confidential so you having nothing to loose by contacting us. |
