- All unsecured debts are written off
- Property and possessions transfers to the Official Assignee (except for essential assets up to a value of €6,000)
- Any surplus income (income less reasonable living expenses) must be contributed towards debts for up to 3 years
- If seeking credit above €650, a person must disclose that they are bankrupt
- Discharge from bankruptcy is normally after 1 year. However, this term could be shorter if settlement with creditors is reached but it could also be extended if a person does not fully cooperate with the process.
Before bankruptcy | From commencement of bankruptcy | |
Have debts | All your unsecured debts are written off | |
May have assets | You | Have a duty to contribute surplus income to the Official Assignee for 3 years |
May have income | ||
Owns your assets | ||
Has no role | OA | Receives creditor claims |
Administers your estate | ||
Distributes payment to your creditors | ||
Your creditors deal directly with you | Creditor | Your creditors deal directly with the OA and can no longer contact you directly |
Post-bankruptcy frequently asked questions