Bankruptcy!!!!

Bankruptcy can be avoided

Bankruptcy has a lot of downsides and is usually a last resort as there are so many other options available these days.

If you go bankrupt there will be a full investigation into your affairs during which time you will be required to disclose all your financial information.

If you have a bankruptcy restriction order this can be in place for two to fifteen years.

Once your bankruptcy has finished you could be subject to bankruptcy restrictions for anything up to 15 years and it is an offence to breach the bankruptcy restrictions.

What should you do before going bankrupt?
Make sure that you understand exactly what is invloved in going the bankruptcy route and the consequences.

Filing for bankruptcty will cost you approximately €500

Consider the impact of bankruptcy on your bank account, as you may need to find an alternative way to pay bills.

Make sure you know how your family will be affected, especially when it becomes public knowledge, your bankruptcy details will appear in the newspaper and be listed on the internet

It is important to ensure you have received the correct legal advice regarding your property and other assests as you will usually be required to sell any luxury items, many times this can include your car and will almost certainly mean your property must be sold if you have equity in it.

If you decide to go bankrupt make sure you get the correct legal advice, if you would like to explore other options complete the form on the opposite page and an aviser with call you to let you know your options and legal rights