Neo Financial Solutions
 
 

These are some of the comments we received from clients who exited bankruptcy :

“I just received my email from the ISI to say that I have been discharged from bankruptcy today. I just wanted to sincerely thank both of you for your support and for making the whole process a lot easier. Couldn’t recommend your company highly enough” Patricia

“If only all serious life issues could be dealt with so smoothly, we just want to say that you were fantastic to deal with from the very start, thanks very much for all your help” Bill

“Thank you so much for all your help, advice and calming words over the past 2 years.  We will be having a few drinks on Friday night to celebrate the end of an era and the beginning of a bright and prospective future for ourselves and our family.” Owen

“Many thanks for all your help over the last 2 years”

“Life goes on and yeeehaaaa. And u can be sure all me friends will know all about  Ur superb service” Dave

“Thank you so much for all you have done for me! I have my life back and I owe you so much!” Noel


 

Bankruptcy FAQs

WHO CAN GO BANKRUPT?
An individual or individuals who are business partners can go bankrupt jointly. A couple who have a joint mortgage or jointly owe loans cannot go bankrupt jointly. They must do a separate petition and file for bankruptcy individually.

CAN I DECLARE MYSELF BANKRUPT?
Yes a debtor can file for bankruptcy themselves if they are in a position that they cannot pay their bills and/or they are insolvent.

HOW LONG DOES BANKRUPTCY LAST?
The amendments to the bankruptcy act brought in by the Personal Insolvency Act 2012 has reduced the term of bankruptcy from 12 years to 3 years with an automatic discharge after 3 years as long as the debtor has co-operated with the OR and has not attempted to hide any assets or income.
Now another amendment is imminent which will reduce bankruptcy to 1 YEAR! With an automatic discharge after 1 year as long as the debtor has co-operated with the OR and has not attempted to hide any assets or income.
WHAT HAPPENS TO THE FAMILY HOME IN BANKRUPTCY?
There is a lot of confusion around the status of the family home in bankruptcy. When entering bankruptcy you should always assume that the family home may be lost especially if there is joint ownership, it is not in negative equity and both parties are declaring bankruptcy. There are however, some circumstances where the family home can be kept or at least the sale of the home can be delayed for a period of time. Click here for more information
CAN I EARN INCOME AND BE EMPLOYED WHEN I AM AN UN-DISCHARGED BANKRUPT?
Yes in bankruptcy the debtor is allowed to continue to work and earn a living. In fact for those in employment bankruptcy will have no effect at all on their employment status. Their income will only be effected if they are in receipt of a large salary in which case they may be subject to an attachment order on some of their income payable to the OA.
CAN I HAVE A BANK ACCOUNT WHILE I AM AN UN-DISCHARGED BANKRUPT?
Yes it is often thought that a bankrupt cannot have a bank account. This is not true. The bankrupt can have a bank account but has to declare that they are an un-discharged bankrupt if they wish to borrow in excess of €620. It would be normal for the OA to take over and close any bank accounts which the Debtor had prior to bankruptcy and so the debtor will have to open a new bank account to facilitate payment of expenses and receipt of income post-bankruptcy.

PLEASE DOWNLOAD THE BANKRUPTCY GUIDE FOR FURTHER INFORMATION AND CASE STUDIES


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Who-are-weYou have found probably the best resource for Personal Bankruptcy in Ireland.  At Neo Financial we have moved quickly to understand the new legislation and can confidently advise our clients and professional intermediaries on personal debt. From the outset  I would like to be clear that we provide a confidential service which is discrete but effective.

Much has been said and written about Personal Insolvency and Bankruptcy – much of that is already out of date – we will ensure that you know exactly what options are available, what the implications are for you and assist you in deciding what you should do.

Who?
NEO Financial Solutions is a team of associated specialists including qualified accountants, legal experts and insolvency practioners, each of whom is a specialist in their own area.  Together we have unparalleled direct experience in dealing with evaluating situations, planning and implementing effective insolvency and bankruptcy arrangements in the least damaging way – to get an idea look at some of the scenarios.

It is unlikely, should you have a difficult situation yourself, that we have not seen something similar nor is it likely that we would not be able to make a significant difference.

Independent?
Neither I nor any of our team has ever sold a mortgage, loan or acted as receiver or liquidator on behalf of any bank so you can be assured of the highest independent and no chance of any conflict of interest.
What?
We are experts in bankruptcy  – basically we are totally in tune with the hole and we know the best way to dig you out.  We will agree a plan of action with you, and either implement it, or support you in its implementation.  We know what is acceptable, what is reasonable and what is practicable.
Why?
We know how difficult it is to work out what the best course of action is – there is plenty of “pub advice”, little support from banks or creditors, family pressures and often a real temptation to bury the head in the sand and hope it will all work itself out. We all know that isn’t going to happen, so the best answer is to engage someone that understands all the permutations and can act on your behalf .

How?
In the first instance just give me a ring – call me direct on 01 437 0908.  I will give you an honest appraisal of your situation and promise that it will be 100% confidential.  If we agree that there is a solution that we can help with I will give you a clear idea of the costs involved.  We don’t chase ambulances, and we will not see you in a worse position than you started.  If there is nothing we can do for you, we will tell you straight and suggest where you might go, but at least you will know where you stand.