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    What does it cost a bank to repossess & dispose of a property?

    I just had a property sold out of receivership. Total costs on a €90k sale were just over €6,000 (added to the shortfall). Ironically I could have sold it 2 years ago for €95k with €2,000 costs. As to the "dumb questions". (1) Lender chases borrower for shortfall plus costs. In your scenario...
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    Key Post The family home in bankruptcy

    Thanks Silvio Mortgage has gone into and out of arrears but we've always caught up. 2 kids. 7 and 11. Business was dissolved up in 2010. There was no liquidation as all but one of the small suppliers (without guarantees) were paid. The other one wrote off the €700 we owed them. Major...
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    PIP letter no longer issued prior to bankruptcy?

    I was in court last week, and witnessed a man who will enter bankruptcy soon, tell the court that his PIP had informed him that they couldn't issue the "PIP letter" as the rules were changed. I assume he was talking about the confirmation from the PIP that an insolvency arrangement wasn't...
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    The deadline for submissions on reducing the bankruptcy term extended to Friday 26thJune

    Silvio, I hope you're right, and those Oireachtas members in favour aren't whipped into shape by the conservatives at the top of FG. Not being in bankruptcy, and not knowing what may or may not be relevant, my submission was simply about society in general and job creation. Somebody once told me...
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    Key Post The family home in bankruptcy

    Thanks Stuboy. I forget to mention that all the guarantees have since been (effectively) turned into loans by court judgements.
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    Key Post The family home in bankruptcy

    After reading several newspaper articles and hearing comments on radio and TV, my wife is convinced we'll be able to keep our home in bankruptcy. I'm of the opposite opinion. Here's our situation. We both signed personal guarantees for our business. Her guarantees are €30k less than mine. The...
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    How long and how severe should the Income Payments Order be?

    I've been living below the level since 2009. A small inheritance helped to keep the wolf from the door, but only to raise our standard of living slightly for a couple of years. We didn't pay any creditors as it was less than 10% of what we owe and they'd simply have gobbled it up without...
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    Should the bankruptcy period be reduced to one year?

    I'm working on a submission. (It's amazing how difficult it can be to keep personal circumstance out of it and stay on point). Can somebody explain if a payment order is likely to change during the period after bankruptcy?
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    Creditor looking for supporting documentation

    Thanks very much everyone. It's much appreciated.
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    Creditor looking for supporting documentation

    I have a business debt covered by personal guarantee, which was secured by a judgement in 2010. A few weeks ago the creditor company had me in court in order to get a payment order. Their solicitor didn't have a copy of the statement of means I had sent into the court, and so didn't see it until...
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    judgment on property so can't sell

    Suarez, you seem to be ignoring the judgement against the property. I tried to sell a house with 3 judgements against it. All 3 also have judgements on my family home. 1 judgement was held by a private company for 60 k. On the basis they had a judgement on my family home they approved the...
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    Voluntary Surrender - BOI Conditions.

    We've just told the bank we want to surrender our second property. There's no possibility of selling as there are 3 judgements on it due to personal guarantees I signed before my business went bust. We had a buyer lined up last year but BOI (or 2 different divisions of it) refused to remove...
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    Moving to England with school going Children.

    Not yet. We're in the process and should be there by September.
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    UK Bankruptcy experience (so far!)

    I'm curious about these Muntjac. These are the things that are taking my focus at the moment ( i know, pretty minor stuff). I understand that estate agents in the UK charge for running the credit checks, and that these fees can be significant. What was your experience given that they didn't...
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    Personal Guarantee Judgement

    They get the judgement against the individual first, and then securitise that against properties owned by the guarantor. My experience has been that assigning the judgement to the properties is a pretty simple process, that seems to just happen (unless I missed a letter or two, but I don't think...
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    DRO in UK and moving back to Ireland

    Bankruptcy for debts of less than 16 grand ?????? That seems a bit excessive to me. Come to an arrangement with your creditors. If you're living in Ireland a Debt Relief Notice would surely be the better option if you. Bankruptcy for such a small amount seems crazy in my opinion.
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    Judgements, court orders and bankruptcy

    Thanks for that Steve. But just to confirm; even court ordered payments are written off as well?
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    Moving to England with school going Children.

    Toodles, I'm going to do this. I have 3 kids under 10. I think the stress my wife and I have been under for the last 3 years is a lot more damaging to my kids than any adjustment they might have to make. If we can remove that we can get back to being a proper family again. Anyway, kids are way...
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