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Level / Type of Debt | Income | Assets | Required Intermediary |
| Bankruptcy | Over € 20,000 / Secured and unsecured | No Max | No Max | None* |
*Whilst it is possible to apply for bankruptcy yourself, it is advisable to seek professional advice to assist you in the process.
What is bankruptcy?
Bankruptcy is a formal High Court insolvency solution for people in debt over €20,000. During the bankruptcy process, the ownership of the person’s property and possessions transfer to the Official Assignee in Bankruptcy to be sold by him for the benefit of those to whom the individual owes debts (creditors).
When the person’s property is sold, the Official Assignee will make sure that the proceeds are shared out among creditors and any outstanding debt will be written off.
Bankruptcy applications
Bankruptcy proceedings are brought in the High Court. The application for a Bankruptcy Order is filed in the Office of the Examiner of the High Court.
Bankruptcy normally lasts for 1 year.
Main consequences of Bankruptcy
- 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 the are bankrupt
- Discharged 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.
More information
Bankruptcy guides
A comprehensive guide is available for download here:
