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Declaring Bankrupcy question

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  • 08-04-2009 5:30pm
    #1
    iMax
    Closed Accounts Posts: 3,489 ✭✭✭


    Just theoretically (although I do know of quite a few couples who would be close to it).

    What's the repurcussions of declaring one's self (or family unit) bankrupt ?

    Assuming you can keep up your mortgage payments/pay rent, pay the utilities & put food on the table, but nothing else, so forget foreign holidays, investments, even a car (if you don't own it outright).

    You would have your other debts wiped clean, the bank can't come after your family home (I think), but any other investment property would be taken back, your credit cards would be cancelled & loans defaulted but eliminated.

    Apart from that (for ten years I think), What's the worst that can happen ? (thank you Dr Pepper)


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    #2
    Time Magazine
    Registered Users Posts: 8,452 ✭✭✭Time Magazine


    Moved from Economics.


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    #3
    Rob_l
    Registered Users Posts: 2,905 ✭✭✭Rob_l


    Its not really an easy process in this country to declare yourself bankrupt, and once you declare yourself bankrupt the court can still order you to pay a portion of your wages to pay off your debts, im not even sure if your family home is entirely safe. I Think there is a fee to pay to begin the process of declaring bankruptcy for some reason 1,500 is coming to mind but I cant find any info easily on the net.

    I think Irelands banruptcy law is very harsh compared to others.

    i know you can not be a director of a company and could never be elected to public office.


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