If the family home is not sold within 3 years of the bankruptcy the ownership of the home will revert back to the bankrupt. This will happen automatically without any payment to the OA, the need for conveyance or legal fees.
It is important to note that all debt attached to the family home will remain attached to the home unless paid off or creditors agreement to write same off.
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Currently, Ulster Bank and Bank of Ireland policy is to close all accounts held by a bankrupt and they do not wish to deal with the bankrupt going forward.
AIB and PTSB are willing to either open or reopen bank accounts for anyone who has declared bankruptcy.
1 Year Bankruptcy Guide – 2016
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