There are two key costs associated with filing for bankruptcy in Ireland.
The Fixed Cost of Bankruptcy in Ireland
The fixed costs of bankruptcy are less than €500. This covers the costs of the Court papers necessary to apply for bankruptcy in Ireland.
Personal Insolvency Practitioner (PIP)
It’s always advisable that advice be taken from a solicitor or other professional in advance of seeking adjudication.
As part of the bankruptcy process you are required to meet a Personal Insolvency Practitioner (PIP) who has to analyse your financial circumstances and determine whether a Personal Insolvency Arrangement or Debt Settlement Arrangement is more appropriate. If the Personal Insolvency Practitioner determines that bankruptcy is the best solution he or she will be required to provide written evidence of this to the Court.
The application is made to the High Court and engaging the services of solicitor or counsel to deal with this will have added costs.
Where you have a pension, it is always appropriate that advice be taken as to the possible effect of bankruptcy on those assets.
A Personal Insolvency Practitioner may charge for this service.
So, the costs will depend, in the main, on the advisors you choose to engage.
It should be noted, however, that there are some charities who offer these services at reduced or zero rates.
For more information on bankruptcy in Ireland please click here.