# Apart from the time involved, why not go bankrupt in Ireland?



## needtodo (14 Apr 2013)

Hello
I have posted elsewhere regarding our financial situation and am grateful for the responses received. 
In short we have a mortgage of 540k, house valued recently at 300k, mortgage unsustainable. No prospect of our financial situation improving. We have agreed temporary arrangements with the bank but now they wont respond to any of our letters at all - dont know why as we can service part of the mortgage. We are still writing to them regardless and hope that we can come to a long term arrangement if they ever decide to engage.

We are considering all options regardless, including bankruptcy in the UK. We have 3 small children. Would really prefer if we didnt have to up root to UK/Nothern Ireland. I dont see anyone recommending bankruptcy in Ireland (under the new PI legislaton). Apart from the 3 years here Vs 1 year in the UK - is there any other disadvantage to declaring yourself bankrupt in Ireland?
Thank you


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## Jim Stafford (15 Apr 2013)

Apart from the longer Irish bankruptcy period, you would also face a longer Bankruptcy Payments Order Period (5 years) as opposed to the UK's 3 years Income Payments Order (i.e. any surplus income must be paid over)

Jim Stafford


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