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How do you go about bankruptcy?

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  • 30-05-2008 1:09am
    #1
    deecom
    Registered Users Posts: 425 ✭✭


    Just a quick one really is it true that in Ireland it is not that easy to go through bankruptcy? Now i know this sounds like a daft question im sure people are put into this situation a lot more than we think, but really how is it done?


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    #2
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Not sure of the specifics as I've never been through the process, but basically you petition the courts to declare you bankrupt. They give it some time for all your creditors to make claims against you before deciding who gets what of all your assets. You may or may not be given a jail sentence, depending on whether or ont the court feels your bankruptcy was your fault or if you had misled any of your creditors in any way. You will also never be able to get a loan for the rest of your life (well, from any reputable bank).

    I would imagine the legal forum would probably be able to go through this better with you.

    Perhaps you should give us more background information as to why you are considering this option. There are often other roads to take.

    Also, with something as serious as being declared bankrupt, I think you should be getting prefessional legal advise as opposed to just a bunch of randomers on the internet! We're grand for giving you a few ideas and debating a few points, but you shouldn't base your decision solely on what you read here!


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