# Personal Insolvency V Bankruptcy



## Peabody (4 Jul 2012)

Hi All

Just wondering which would be the best option Personal Insolvency or Bankruptcy in Ireland.
I owe 150k on a RIP- worth about 75k
I owe 200 on my home- worth 150k
I owe about 30k in unsecured debt.
Both unemployed.

How I understand it to be is that both lenders have to agree to take back the properties and you pay the balance over 7 years if I were to go the insolvency route.
Or bankruptcy no assets or liabilities in three years.

Reading what i have wrote above it doesn't sound right.


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## Wishes (4 Jul 2012)

Are you sure your main residence is handed over if you go the personal insolvency route?


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## Peabody (4 Jul 2012)

I'm not sure. Still confused about a lot of the facts. I don't really want to rent the house.
Imagine waking up and knowing that you owe nothing to anybody. No white envelopes coming through the door, no chance of a debt collector banging on your door.
I have aged 15 years in the past 5. Life really is too short.


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## dodo (3 Nov 2012)

I agree life is to short and everyone must do what is best for themselves,that is human nature and remember some of these banker's are in same boat and I bet they will do it differenly to the way they expect others to do it, so Peabody your life is more important ,


Peabody said:


> I'm not sure. Still confused about a lot of the facts. I don't really want to rent the house.
> Imagine waking up and knowing that you owe nothing to anybody. No white envelopes coming through the door, no chance of a debt collector banging on your door.
> I have aged 15 years in the past 5. Life really is too short.


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