Owed debt and what I should do now

[johnpdolan]

Hi
In previous years I was self employed and the business failed terribly. It has taken me a number of years to get back on my feet and during this time I have had to deal with health issues and a marriage breakup. I also lost my house to the bank. I am back working full time now but on a very poor salary. I look after my 3 boys financially and I myself live a very poor quality of life now but once my boys are healthy I'm happy. Now the companies that I owe money too from the failed business are looking to be paid. I cannot afford to pay what they are owed although I would like to do as I can continue getting my life back. I am unsure what my options are now. I am trying to fight a court case to get visiting rights to see my boys but this is proving too expensive. I enjoy my work but should I now consider insolvency? Any advise greatly received

 

[TLO]

It is worth considering your options. Two possibilities come to mind. If your debts are less than €35k then you might me able to get a Debt Relief Notice (DRN). And if your debts are over €35k then you may be able to apply for your own bankruptcy. Both options last a year, and both options stop your creditors from hassling you. As you have lost your house and are on a low income it is unlikely that either option will make any difference to your day to day living, and on the plus side, you will be drawing a "line in the sand" and moving on with your life. Suggest talking to MABS in the first instance as their service is free. Best wishes.

 

[demoivre]

DRN and bankruptcy are not the only options. Get professional advice from the likes of MABS or IMHO, both of whom provide free advice.