What is bankruptcy?
Bankruptcy in Ireland is a court approved debt relief remedy and normally only lasts one year (however, if you can pay something to your bankruptcy, you may have to pay something for up to three years).
Why would I wish to become bankrupt?
The main reason people choose to become bankrupt is they can no longer pay their debts as they fall due and within a reasonable period of time. They, therefore, seek to use a remedy that provides them with a fresh start and allows them to move forward in their life, without the burden of unmanageable debt.
When used appropriately, in this situation, bankruptcy can be a very effective remedy for addressing debts.
So what is the Best Advice?
Whatever the situation, the best advice to someone considering bankruptcy, is to speak with a Personal Insolvency Practitioner (PIP).
Like those provided by us, PIPs are authorised and registered by The Insolvency Service of Ireland and can provide advice on bankruptcy.
They can advise when it is appropriate and not appropriate.
They can also advise also advise on alternative solutions, such as:
- Debt Relief Notices;
- Debt Settlement Arrangement; and
- Personal Insolvency Arrangements;