# Declaring Bankruptcy



## smiddybar (16 Sep 2009)

Can you tell me what is involved in declaring bankruptcy,i am 70 years old and totally dependent on the basic state pension of 230 euro per week.
However I have significan credit charge debts which I cannot possibly meet and recently I have been advised of a court judgement being issued against me. I have attempted to reach an agreement with the parties concerned but they have consistently refused to accept the weekly payments I have offered, and are insisting on a full settlement, which is impossible in my sitution.
Can an individual take this course of action and if so what are the advantages and disadvantages of doing so,I feel there is no other option if indeed the one suggested is practical.My situation is one of robbing Peter to pay Paul, any advice would be most welcome.


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## Brendan Burgess (16 Sep 2009)

In Ireland, it is a very expensive process and very rarely used by individuals.

Have you been to MABS? 

I would write to the creditors explaining everything and pay them the small amount. 

If they take you to court, appear in court and explain the situation to the judge. Agree to the judgement but the judge will set a reasonable payment schedule given your income.

Do you own your own home?


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## smiddybar (16 Sep 2009)

Thanks for your reply...the whole point was to avoid expense lol....I am paying a mortage on intrest only.....I just cant see any way out..been to mabs....little they can do.


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## so-crates (16 Sep 2009)

smiddybar said:


> ... and recently I have been advised of a court judgement being issued against me.


 
Do you mean that they are threatening to take you to court or they already have and you didn't attend?



smiddybar said:


> I have attempted to reach an agreement with the parties concerned but they have consistently refused to accept the weekly payments I have offered, and are insisting on a full settlement, which is impossible in my sitution.


 
Have you got your offer and their response in writing? If not do as Brendan has suggested and write your offer to them requesting a response. That way you have evidence to show a judge that you have tried to reach an agreement.



smiddybar said:


> My situation is one of robbing Peter to pay Paul, any advice would be most welcome.


How do you mean? Do you mean that you are borrowing to pay off your debt? Or do you mean that you are paying off your debt at the expense of living? Do you mean you have cut back on basic essentials such as heating and food?


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## smiddybar (16 Sep 2009)

I appreciate the suggestions given but I have exhausted every means possible to satisfy the parties involved. This week I have received a court judgement following a means testament I submitted to them earlier, I also borrowed from the CU to pay off some of the several debts but one party is insisting to pay them the full amount at the expenser of the others.
I ask again is bankruptcy an option and why is it so expensive when it defeats the purpose of the exercise.?


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## luckystar (16 Sep 2009)

Im surprised Mabs haven't been of any help?? What size is the amount in question. If you are in a bad way and don't have enough for essentials or just need a listening ear please ring SVP


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## S.N.Dipity (17 Sep 2009)

I have also posted a query on the site regarding Bankruptcy and have had no response. Have been to MABS also, and they similarly had no advice. People seem reluctant to speak about it and with less than 10 people in the country having declared Bankruptcy last year there's very little experience out there. This site has some basic information - Bankruptcy.ie - which I found useful. I would suggest you visit a free legal aid centre to discuss the detail with one of their Solicitors. If the one you end up speaking to doesn't have experience themselves, phone their Head Office and ask if any of the Solicitors in the other Centres do.


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## Bronte (17 Sep 2009)

Smiddybar, can you give us a list of your loans and how much you are currently paying and to whom.  Also can you list your assets.  If you want to get good advice you have to give more information.  Have a look at the money makeover section to get an idea of what to do.  It is very difficult to advice you unless we have more detail.


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