If you’re facing personal insolvency, you’ll most likely be feeling upset, stressed and very anxious. Let us assure you that you’re not alone. Due to the recent economic problems, many people across Ireland are going through, and have gone through, the same thing. We can help you, just as we’ve helped many of them.
Our specialised insolvency solicitors will explain your options and find the best approach for your situation. We’ll help you keep the things most important to you, while minimising stress and making sure you pay your creditors the debt you owe in an affordable way.
Insolvency Options in Ireland
Ireland has many insolvency options that are open to you. Our solicitors will help you decide which one is best for you. These are:
Debt Relief Notice
The Debt Relief Notice can offer you some protection from your creditors, allowing up to €20,000 of your unsecured debt to be written off or dramatically reduced.
Debt Settlement Agreement
A Debt Settlement Agreement (DSA) can only be used on unsecured debt, but there’s no limit on the amount. To be eligible, your creditor must agree to the DSA. Then, you’ll need to use to a Personal Insolvency Practitioner (PIP) to apply for one. DSAs are normally arranged over a five-year period, sometimes six. After this period, you’re released from all debts.
Personal Insolvency Agreement
Personal Insolvency Agreements, or PIAs, can be used for secured debt as well as unsecured debt. They extend over six years, sometimes seven in special cases. There’s a limit of €3 million of secured debt, and creditors must agree to the Personal Insolvency Agreement. As with the DSA, you need a Personal Insolvency Practitioner to apply.
Bankruptcy is another option and can be used if you’re unable to repay both secured and unsecured debts of €20,000 or more.
You and your circumstances are unique – your solicitor should be too. Get in touch with our friendly and experienced insolvency team today, and we typically get back to you within 3 hours or less.