# Personal Insolvency/personal bankruptcy in Ireland



## needtogetthissorted (22 Mar 2004)

Hi there

I have searched through endless webpages for information regarding serious debt problems without really finding anything approprate to my situation.

I am a 26-year-old, who have made an astonishing amount of very unwise desicions regarding my personal finance. My debts range from 7-8 years old, to debts incurred only last summer. The debts range from €100 to €10,000.

I have at several occasions tried to negotiate payment plans with my debtors, but always ended up overcommitting - thus ending up in a bigger mess than I was in the first place.

Last summer I contacted MABS, but I didn't really feel they were committed to helping me solve my debt problem.

I have now come as far as considering declaring personal bankruptcy, but can find no useful information on how to go about this in Ireland. All the information I can find relates to the UK only.

Can anyone give me any advice, or tell me where I could go to find advice?

Thanks!


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## <A HREF=http://pub145.ezboard.com/baskaboutmoney.s (22 Mar 2004)

I didn't think that it was possible to declare personal (as opposed to company/professional) insolvency/bankruptcy in Ireland unlike some other countries but I could well be wrong. The only possibly useful link that I can find on the matter is here:



Why did you not feel that MABS were helpful in this situation? No offence but to be fair to them they are merely there to help those in debt sort out THEIR OWN problems.


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## rainyday (22 Mar 2004)

There may well be other options open to you. I'd be interested in hearing more about your dealings with MABS - they have a pretty good reputation on these issues.

If you post more details of your position here (amounts & types of debts, income, assets), you might get some useful suggestions.


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## daltonr (23 Mar 2004)

Here's the [broken link removed].  I'm not a lawyer so I nod off after a few paragraphs, but it looks like you can't just chose to be bankrupted, it happens as a result of someone taking legal action to recover a debt.  But I may be way wrong on that.

We nned more info, but I'm 99% certain that you don't want this, even if it were possible.

As a first step, could you post the total amount owed, and your montly income.  This helps put the debt in perspective.

After that you'll need: 

  * A List of all the various debts.
  * The outstanding balance on each debt.
  * The interest being charged on each debt.
  * The weekly/monthly repayment you are supposed to be 
     making.
  * The weekly/monthly repayment you are actually making.

If you provide these details I'm sure you'll find you have some options other than bankruptcy.  

-Rd


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