If other insolvency solutions are not appropriate then bankruptcy may be the most suitable solution.
We can prepare your bankruptcy application and guide you through the process from start to finish.
Criteria & process
- You must be insolvent
- You must have a minimum debt of €20,000
- You must be residing in Ireland
- You must show that you have made reasonable efforts to avail of a DSA or PIA
- An application for self-adjudication for bankruptcy must be made to the High Court
- You must attend the High Court on the date of your hearing
Documents required to be filed in the Examiners Office of the High Court to seek bankruptcy are;
- Form 13 Petition including Affidavit of debt
- Form 15 Order of Adjudication
- Form 19 Notice of Adjudication
- Form 23 Summary of Statement of Affairs
- Form 46 Warrant of Seizure
- A letter from your PIP
- A receipt of Petition fee payment from ISI (currently €200)
After you are declared Bankrupt
You must advertise your bankruptcy in Iris Oifigiuil and with the Insolvency Service of Ireland
You must meet with the bankruptcy inspector and provide him with a copy of your statement of affairs and a statement of personal information.
You property, with the exception of essential items up to the value of €6,000, transfers to the Official Assignee in Bankruptcy
Your creditors can no longer contact you; they must deal with the Official Assignee.
In normal circumstances you will be discharged from bankruptcy after 1 year.
Your financial circumstances will be reviewed to assess if an Income Payments Order should be sought. If it is determined that you have surplus income after reasonable living expenses an order may be granted for up to 3 years.
Unsecured debt is written off
You are returned to solvency
Mortgaged property – the Official Assignee has 3 years to monitor the value of your home to determine if it is in negative or positive equity. If the property is in positive equity the Official Assignee will seek to realise the value of this security.
If in negative equity your family home may be protected if a schedule of mortgage payments can be agreed.