Brendan Burgess
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You must swear that you have made a reasonable effort to reach an appropriate Personal Insolvency Arrangement or Debt Settlement Arrangement
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Should have matching ones for the PIA etc.
You will need about €2,000 up front for a PIA. It will only be suitable for people who have some income, e.g. multiple investment properties, so they should be able to come up with the initial costs.Comments: What is a reasonable effort, what if are more suitable for a PIA but you cannot apply for it as you cannot pay a PIP.
Is it legit to hold off 3K from creditors to pay for bankruptcy, I guess it must be ok.
You talk as though the bankrupty has to decide who they pay, does the bankrupt run the show? That's doesn't seem right.
The Minister has not commenced the legislation, so you can't apply for bankruptcy yet...
But you can start the preparatory work.
My understanding of this is that you can apply to be adjudicated bankrupt and can go bankrupt. On the commencement of the bankruptcy reform provisions the term of bankruptcy will be reduced to three years. This will have retrospective effect so there is no advantage to be gained by holding off until commencement.
- You must swear that you have made a reasonable effort to reach an appropriate Personal Insolvency Arrangement or Debt Settlement Arrangement
Step 1 - Get a Personal Insolvency Practitioner to issue a statement that a PIA or DSA has been impossible or is unlikely to work - Fee €1,000
My understanding is that it will cost less than €1500, without legal representation, once the new legislation is enacted.Hold off payment of your creditors to build up around €3,000 to fund the bankruptcy
The above questions are relevant as; I would lose my house (in negative equity) so no where to live, I have no job and little prospects of getting one,
Hi DebtCert
It will be in the Circuit Court which will be easier and cheaper.
If it's not urgent, it's probably worth waiting.
Brendan
My understanding is that it will cost less than €1500, without legal representation, once the new legislation is enacted.
€650 court fees + €550 advertising costs + €100 stamp duty on court documents. Is there any additional costs?
You have to go through the sham of seeking a PIA/DSA first which costs the big bucks of around another 1000 there.
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