Many people interpret insolvency in the exact same way as bankruptcy, and while it is true that they can go hand-in-hand, they don’t have to.
Gibson & Associates personal insolvency solicitors are particularly skilled at handling insolvency so that you never have to declare bankruptcy, and can avoid having a creditor issue a bankruptcy order against you. We help you to avoid bankruptcy with a combination of expert advice and guidance and a unique and pragmatic approach that helps you to solve the problems you are personally facing.
Common methods to avoid bankruptcy include:
Mortgage Write-Downs & Mortgage Write-Offs
If you are struggling to meet your mortgage repayments, we understand how worried you will be. The burden of financial debt is always extremely stressful, and this will be all the more troubling if your home could be repossessed.
However, there are ways to limit this debt, as it may be possible to obtain a mortgage write down or even a mortgage write-off.
If the sale of your home is not enough to cover the cost of your mortgage repayments, the debt will not automatically be forgotten about – you will still owe your bank or mortgage lender the outstanding sum of money.
Unfortunately, this problem is widespread in Ireland, as many homeowners have found themselves in negative equity. This has led to dire financial difficulties for a lot of households who have fallen into mortgage arrears, and yet are not able to generate enough capital from the sale of the property to climb out of debt.
But there are solutions available, one of which is a mortgage write down. This is when your mortgage lender agrees to write off part of your debt. You will then have to pay the outstanding amount, either as a lump sum, or through regular instalments.
A solicitor who specialises in personal insolvency will be able to make this request on your behalf, helping to reduce the value of your loan to a more manageable sum.