Neo Financial Solutions

Struggling with Debt and Recovery – A recent but regular client story

Bankruptcy a real and quick solution

This week again I met a business man who lost everything he owned during the crash and has now clawed his way back to being able to provide for himself and family. It has been a long hard struggle having lost all of his assets including the family home. He has been left with hundreds of ‘000 of debts including banks, revenue and other creditors and no way to ever pay them off.

The banks, revenue and other creditors left him alone and he was lucky enough to get a job and the chance of a fresh start. Then the bank and revenue came knocking looking for their pound of flesh! He yielded to their pressure and has been paying €1,000 per month to them and has begun a downward spiral again giving himself or his young family no chance of recovery….. until he picked up the phone to call us.

There is no reason for this man not to go bankrupt, have it all over in 60 days, be debt free and keep all of his income to rebuild his life and his families security. He had already lost his family home, he had no chance ever to clear the large debts he had and by trying to pay something off them he was only adding to his hardship. The €1,000 per month he was paying to his creditors was the difference of his family getting back on its feet and not. It meant nothing to the creditors financially.

Bankruptcy is about recovery for past financial mistakes. In Ireland the financial mistakes were not necessarily made by those who have to go bankrupt (I have better personal knowledge of this fact) nor has bankruptcy been necessary for those who did make the financial mistakes. However, modern bankruptcy rules are here now and anyone who needs to use the new rules should do so. There is no shame in that. In fact it would be a shame not too!

So back to our new client (yes he is now a client!).  He has stopped paying his creditors, gathered the funds together to go bankrupt and engaged us all in a matter of days from contacting me by phone last week. When I talk to him I can feel the relief radiating from him already! He has taken control back and the future is bright again!

Bankruptcy is a positive not a negative!


Paul C Carroll

NEO Financial Solutions

+353 1 437 0908