Ireland's No.1 Facilitator of Personal Insolvency & Bankruptcy Solutions
COVID-19 NOTICE (CORONAVIRUS)
To protect Debtor clients and employees from Coronavirus, IRS IRELAND PIP Practice will continue to operate for existing clients behind closed doors. We will also continue to accept new inquiries where we will conduct consultations by phone, Facetime, Google Hangouts, Skype or Zoom. We will use the Video conferencing format that suits you. If you have never used a video call previously, we can send a link to your Android phone or iPhone... all you will have to do is click the link and talk face to face with one of our PIPs.
...TO START YOUR PIA AND STOP CREDITOR PHONE CALLS SEEKING PAYMENTS YOU CAN'T AFFORD.
WE CAN HELP YOU PROTECT YOUR HOME BY PUTTING A STOP TO REPOSSESSION PROCEEDINGS.
WE CAN STOP YOUR ASSETS BEING SEIZED BY THE SHERIFF.
How do I know if Personal Insolvency is the right option for me?
Being insolvent is not a choice, it is a statement of fact. If you are unable to meet your financial commitments as and when they fall due you are insolvent. The Personal Insolvency Act 2012 introduced three new Court approved Personal Insolvency mechanisms that are designed to return you to solvency in a fair, transparent and equitable manner. This legislation also dramatically modernised the Personal Bankruptcy process in Ireland.
The first of these Personal Insolvency schemes is a Debt Relief Notice ("DRN"). A DRN is for a person with debts less than €35,000, very little by way of assets and income, and is applied for via an Approved Intermediary. Denise O'Brien is IRS IRELAND's Approved Intermediary.
A Debt Settlement Arrangement ("DSA") and a Personal Insolvency Arrangement ("PIA") are explained in detail below. These statutory debt relief schemes will protect your family's Reasonable Living Expenses ("RLEs"), and seek to keep you in your Family Home. To apply for debt relief in a DSA, PIA or Bankruptcy you must contact a Personal Insolvency Practitioner ("PIP"). A PIP is a qualified professional with a unique set of skill-sets who is Licensed and Regulated by the Insolvency Service of Ireland ("ISI"). Mitchell O'Brien and Jessica O'Brien are IRS IRELAND's Personal Insolvency Practitioners.
If you have secured debt and unsecured debt that you cannot repay, a PIA could be the right choice for you. A PIA is a formal Court approved agreement with all your creditors that will write off some of your unsecured debt and restructure any remaining secured debt. Under a PIA you agree to repay a percentage of your overall debts that you can afford in monthly payments over a given period of time.
If you have unsecured debt such as credit cards, loans and overdrafts, a DSA could be the right choice for you. A DSA is a formal agreement with all your creditors that will write off some of your debt. Under the DSA you agree to repay a percentage of your overall debt that you can afford in monthly payments over a given period of time.
Bankruptcy is a formal, High Court process for people with net debt over €20,000. Before you consider applying for bankruptcy you must first have explored the alternative solutions to bankruptcy which are contained in the Personal Insolvency Act 2012, and which are also available on this website. If these alternative solutions are not suitable then bankruptcy could be the right solution for you.
If you have a low income, few assets and debts of less than €35,000 that you can’t repay, then a DRN could be the right solution for you.
A DRN is a formal agreement that allows you to write off your debt in full. Debts such as personal loans, credit card loans, store cards, credit union loans and overdrafts could be included in a DRN.