So you have exhausted all other avenues such as PIA, DSA solutions and you have been advised to go the route of bankruptcy in Ireland.  Here’s what to expect:  Bankruptcy is a essentially a process where the ownership of an insolvent person’s property/assets  transfers to the Official Assignee (OA) to be sold on by OA for the benefit of the person’s creditors. When the person’s property & assets are sold, the OA will make sure that the proceeds are shared out among the person’s creditors and any outstanding debt thereafter will be written off and you are discharged from bankruptcy after 3 years in Ireland.

Key points of bankruptcy in Ireland

• Your property & assets transfer to the Official Assignee.
• You have a duty to contribute from your surplus income (after deducting reasonable living expenses) towards your debts for up to 5 years.
• You are discharged from bankruptcy after 3 years.
• All your debts are written off

Before someone can apply to make themselves bankrupt, the person must have made
reasonable efforts to apply for a Debt Relief Notice (DRN), Debt Settlement Arrangement
(DSA) or a Personal Insolvency Arrangement (PIA).  You will need a PIP, Personal Insolvency Practitioner, to supply you with a letter stating in his/ her professional opinion you bankruptcy is the only viable option to return you to solvency.  The PIP will have to fully assess your financial situation and by law is required to see validation of any financial information before he/she can prescribe any insolvency solution.  Professional fees are usually charged and we recommend you select a PIP whose fees are transparent as free initial consultations are usually priced in services you will pay for later.

Bankruptcy is an application made in the High Court and while you can represent yourself to minimize costs, many applicants opt to have the PIP who has put through all the paperwork accompany them in court.