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Bankruptcy

Bankruptcy is a legal process whereby all debts are written off in full and any assets belonging to the debtor (aside from the normal requirements of life) are transferred to the Official Assignee (OA). To be eligible to apply for your own bankruptcy you must meet 3 criteria:

  1. Your debts must exceed your assets by at least €20,000
  2. You must be insolvent
  3. You must first make reasonable efforts to reach an agreement with your creditors under the Personal Insolvency system.

The bankruptcy process lasts for 1 year.

If your income is above Insolvency Service of Ireland’s Reasonable Expenditure Guidelines (RLE) you may be required to make payments for up to 3 years.

Your family home can be sold in bankruptcy, but that needs the permission of the High Court. The OA will generally not seek to sell a family home if it is in negative equity. If the home is not sold it will transfer back to you after 3 years.

Pensions can be protected in the bankruptcy, you can speak to Nick in our Financial Services department about this.

There are certain restrictions in bankruptcy such as a restriction on being a company director during the 1 year period.

Our Debt Solution Services

  • In the debt solutions aspect of New Beginning, advisers meticulously go through each client's mortgage case and propose the best
  • Debt Negotiation

    Through our regulated debt management firm New Beginning offers advice and negotiation services on mortgage and commercial debts. Our experts
  • Insolvency

    Ireland now has the most powerful personal insolvency laws in the world. These new laws are designed to assist people
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We can help you to plan and become debt free.

What happens my pension in Insolvency?

Insolvency is a structured deal with creditor’s arranged through a PIP and pension assets can often be used as part of the deal. Sometimes our clients are happy to do this and other times they are not.

To avoid your retirement assets being on the table when it comes to negotiating a deal with creditors it is important to consider what form they are in. Different pension structures allow for different drawdown dates which means that simply changing the structure of your pension could be difference between gaining some value from it or not.

Pensions do allow for some degree of control over when your retirement assets become realisable so please get in touch before you make any decisions regarding insolvency and your retirement assets.

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What customers say about us

Featured Articles
When I came to New Beginning I was at my wits end. I had been trying to deal with the banks myself and was getting nowhere. I met with someone at New Beginning who took me through the whole situation and gave possible outcomes I didn’t know existed! They took over my case and had it sorted within a few months. I now have a mortgage I can afford and am on the road to recovery!
The care and professionalism I experienced at New Beginning was unparalleled. They really took the time and energy to understand my situation to find the best solution. Their genuine passion and commitment to helping people in tough times was comforting and allowed me to focus a bit more attention to my family.
I attended a seminar held by New Beginning in Dublin and it really helped me understand more about how to deal with my situation.  They taught me about different strategies I could use to negotiate against the funds and banks and also about the different insolvency rules.  I learned so much that day and the best part was the seminar was all completely free!
I was struggling to deal with the banks and with my other unsecure debt and I didn’t really know what was going on. I decided I needed someone on the outside to have a look at my situation, that’s when I found New Beginning. I received professional advice tailored to my situation. We discussed all the possible options available and they recommended the best solution for me, which was bankruptcy. It’s such a relief knowing this time next year I will be out of bankruptcy and debt free.

Contact us to see how New Beginning can assist you further

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