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Declaring Bankruptcy in Ireland


What is Bankruptcy?

Bankruptcy is a settlement of finances by an individual or company who is unable to repay their debts - both secured and unsecured. Filing for bankruptcy ensures that your assets are distributed fairly among creditors in order to protect you from these liabilities. Bankruptcy is a formal process conducted by the High Court for individuals who are facing the liability of debt repayment greater than €20,000. However, if you are involved in financial difficulty, it is highly recommended that you seriously consider alternative options as declaring bankruptcy should be a last resort. 

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What Will Happen If I Declare Bankruptcy?

Once bankruptcy is declared, your assets and liabilities vest in the Official Assignee. The Official Assignee ensures that proceeds from the sale of your assets are distributed equally among your creditors and that any outstanding debt is written off. In most cases, individuals are discharged from bankruptcy and therefore, free of free of any debt liability. As a result, creditors can no longer seek repayment from you directly.

Furthermore, upon declaring bankruptcy, you are entitled to be able to sustain a reasonable standard of living in terms of having adequate food, clothing, healthcare and educational opportunities. However, if you have money left over which is above the amount considered to allow you to maintain this standard of living, you must contribute the remainder of the money to the Official Assignee. This process is commonly known as an Income Payment Order.

For more information, contact our bankruptcy solicitors Donegal today on 074 9129110 or to declare bankruptcy Dublin, call 01 5313494.


What are the Main Consequences of Bankruptcy?

  • Your property transfers to the Official Assignee.
  • You have a duty to contribute from surplus income (income less reasonable living expenses) towards your debts for up to 5 years.
  • You are discharged from bankruptcy after 1 years.
  • All your debts are written off.


What Will Happen to My Assets?

When declaring bankruptcy in Ireland, individuals must consider the consequences of their actions in terms of what happens to their assets.


Will I Lose My Family Home?

When bankruptcy is declared, your share or interest in your family home will be transferred to the Official Assignee who will then distribute its value among your creditors. Although it is not certain that you will lose your family home, it is a possibility. Often, individuals will choose to schedule their mortgage repayments with the Official Assignee and their bank. Whereby the market value of your property is in negative equity - less than the value of your outstanding debt - the Official Assignee has no immediate reason to sell your home. Furthermore, the Official Assignee cannot sell your home without obtaining permission from the High Court.


What Other Assets Can I Lose?

Other assets which may be used for the repayment of debt in the process of declaring bankruptcy are vehicles, employment income, pensions, bank accounts and joint debt. For more information on the position of your assets in account of declaring bankrupt, contact our legal team on 0749129110 or our law firm Dublin on 01 5313494.

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Can I Declare Bankruptcy On My Own?

You are not required to use a legal solicitor when declaring bankruptcy in Ireland. However the procedure is complex and can be intimidating as it involves preparing legal documentation and an appearance or appearances in the High Court. 

When you pay a Solicitor, you are paying that person to ensure you file everything you are supposed to file, turn over all the paperwork you are required to turn over, help you maximize your assets and minimize your losses, and to represent you against your creditors. In short, you are paying for the best fresh start you can muster.
This is not an area to short-change yourself. Filing for bankruptcy is your opportunity to make a fresh start. Make it the best start it can be by hiring an experienced bankruptcy solicitor in Ireland to represent, protect, and advise you. Think of it as your first investment in a new financial future.

Lanigan Clarke Solicitors bankruptcy Donegal and Dublin provide a rigorous assessment process to ascertain if bankruptcy is the most suitable option for your circumstances. We have taken many applications to the High Court under the new bankruptcy regulations and have had clients successfully adjudicated bankrupt. In cases where we feel that becoming bankrupt is not the most suitable option, we will advise clients of alternative routes to remove debt liability such as Debt Relief Notices (DRN), Debt Settlement Arrangements (DSA) and Personal Insolvency Arrangements (PIA).


What Alternative Options Do I Have?

Before you decide to carry out the process of declaring bankruptcy, we will explore the three alternative options which include (1) a Debt Relief Notice (DRN), (2) a Debt Settlement Agreement (DSA) or (3) a Personal Insolvency Arrangement (PIA). A Personal Insolvency Practitioner (PIP) can help you to identify the most suitable option given your particular case. 

Call bankruptcy solicitors Dublin on 01 5313494 for you assessment.

What is the Difference between Bankruptcy and Insolvency?

Bankruptcy is a last resort solution for debts that cannot be paid off. However the benefit is that becoming bankrupt in Ireland allows individuals to put their financial debts behind them and create a fresh start. If you are unsure about what steps to take regarding your debts, contact us and we can provide an initial assessment to ascertain what arrangements is most suitable for your circumstances. We will also guide you through the steps involved on how to apply for bankruptcy.


Our Bankruptcy Package

With our experience in bankruptcy cases, we have combined with Even Keel Financial insolvency practitioners to offer a straightforward bankruptcy package which includes the insolvency practitioners fees, court fees, legal fees and VAT.

If you are considering bankruptcy or an insolvency arrangement we would be delighted to meet you to discuss your case.


Contact Us for Advice and Support

For advice, feel free to contact our legal team today on 074 91 29110 in Donegal or talk to our team in Dublin on 01 5313494.

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T: 01 531 3494

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T: 074 91 29110

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