Neo Financial Solutions




From day 1 of your bankruptcy all your debts are GONE

A write down is not secured until AFTER THE 5 YEAR PERIOD

Bankruptcy period last for 1 YEAR

New law now passed passed and due to commence before the end of January 2016

Insolvency may last up to 5 YEARS

NO payment to creditors unless the debtor is a high earner

MUST enter into payment arrangement and it may last up to 5 years

There are NO annual reviews

Annual review for the FULL TIME of the arrangement

NO RIGHT of creditors to windfall claw back after 1 year

RIGHT OF creditors to windfall claw back for up to 20 years in a PIA

The new Bankruptcy Legislation in Ireland for many individuals is a way of having a fresh start and becoming debt free. The stigma of “Bankruptcy” in the past was something many feared due to the legislation being very archaic, the length of time of the bankruptcy period was and the fact there was no automatic discharge from the bankruptcy even after 12 years.  People felt they were looked down upon once being adjudged a bankrupt and struggled to get their lives back on track.

Bankruptcy in Ireland is now a much less arduous process, is about to become the same as the U.K system  1 year, however, the change in the legislation has provided an option for people who thought they had nowhere to turn. It is now no longer necessary to uproot their families find a new home and find new job in the U.K or elsewhere, the new Bankruptcy legislation has made it possible to have a financial fresh start here in Ireland and begin to free themselves of the massive burden of over facing debt.

The participation in a bankruptcy is a serious matter and should only be entered into after exhausting all other avenues and possible arrangements with creditors including such arrangements as outlined in the new Personal Insolvency Act 2012.

For some people personal insolvency is the correct route for them please down load our free Guide to Personal Insolvency.

Insolvency Guide

Seeking Professional Help

If you are having financial problems and are considering using bankruptcy to solve your financial difficulties you should immediately seek your own legal and/or professional advice from a trusted professional.

I would however, caution you when choosing a professional to assist you that you do so carefully and in doing so consider if they are truly independent. A person or firm who has acted as a receiver for a bank, or who has in the past sold mortgages or has been in receipt of fee income from banks must be questioned closely about their independence before being appointed to act on your behalf.

This guide is not an exhaustive procedural guide to conducting a bankruptcy. It does however describe how bankruptcy can apply to individuals and families with uncomplicated financial structures or borrowings. If your circumstances are more complex you must consult a bankruptcy expert.