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Bankruptcy

Bankruptcy

Bankruptcy is a formal, High Court process for people with debt over €20,000

Bankruptcy is a formal, High Court process for people with debt over €20,000

  • Bankruptcy is a formal, High Court process for people with debt over €20,000. Before you consider Bankruptcy you must first of all have considered the aforementioned PIA or DSA options. You will need a licensed PIP to confirm this to the court.
  • All debts may be included in Bankruptcy excluding debts attributable to court fines or any new debts accumulated after date of Bankruptcy.
  • You may self-petition for Bankruptcy and KPMG can assist you with all steps in this process.
  • Once you are declared Bankrupt your property and possessions are transferred to a person called the Official Assignee. The Official Assignee then arranges for those items to be sold and the money generated from the sale is distributed to your creditors.

Key Benefits 

  • Your creditors can no longer contact you – they must deal with the Official Assignee
  • Your assets and debts are now the responsibility of the Official Assignee – you are no longer legally or morally responsible for them.
  • Usually, after one year you will be discharged from Bankruptcy. If you have the ability to pay money to the creditors after your reasonable living expenses a payment order of up to 3 years will be put in place.
  • During Bankruptcy you entitled to a reasonable standard of living. You will not be told how you should spend this allocation, so you are still in control of your spending.

Call us now, in complete confidence, to set up a face-to-face meeting and begin your journey to financial freedom.

Freephone on: 1800-400-222

Email the team at: personalinsolvency@kpmg.ie

What suits you best? View the available personal insolvency options in our PDF.

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