New to bankruptcy...

H

Help123

Registered User
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I can somebody please just give me a quick outline of what bankruptcy is.

I really don't know where to start, myself and my partner gave our keys of our ouse back 2 years ago. Today we received a letter to say we are now in debt of 134 thousand.

Where do we start? And what do people think is the best thing to do? TIA
 
Congrats Help123.
If you can do it in the UK you will be free after one year. You need to establish a centre of interest and prove that you have been based in the UK for certain amount of time so read up on that and get going if possible.

Free advice is available through agencies in UK - citizens advice bureau. You can also pay an advisor to help you through it.
 
Help123 said:
I really don't know where to start, myself and my partner gave our keys of our ouse back 2 years ago. Today we received a letter to say we are now in debt of 134 thousand.
Click to expand...

Let's start at the beginning, do you have a job or assets? Are you on social welfare etc. If you have no job or assets then you can ignore the letter, or just write back, say you are on the dole and have no income or assets, what exactly did the letter ask you to do and which bank is it?

Once the new insolvency regime is in (end of June now, so looking like 2014 to me) you should go through that process to wipe all debts, rather than going to th UK. Not sure if you can afford the new Irish insolvency regime as it's very expensive at around 5K.
 
The Insolvency Service of Ireland started taking applications from personal insolvency practitioners during the week so the first debtors can consult with PIPs from July onwards. The fee charged by the PIP, which both debtor creditors have to agree to, is taken from the money available for distribution to the creditors. So if a debtor can pay €100 a month and the PIP is getting paid €10 then €90 is left for the creditors. If the PIP is getting paid €20 then that leaves €80 for creditors. It's all the one for the debtor though - he or she is paying €100 a month irrespective of what the fee for the PIP comes to.
 
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