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Personal Bankruptcy/Default Issues Ireland

  • 13-01-2011 10:13pm
    #1
    tony28
    Closed Accounts Posts: 20 ✭


    Hi, like may out there im getting close to being forced to go into bankruptcy due to massive unpayable and unsustainable debt. Any advice on this area would be greatly appreciated and please I have heard certain arguments against it such as "you wont get a mortgage again" -thats not going to happen anyway with the debt and lets face it its only getting worse with interest rates.

    Anyway I was wondering if anone knows that when you declare yourself bankrupt do the bank just take your property and sell it? and take that off your mortgage owed.

    Also this is a technical and legal query? Like many I have a two on mortgage one on title.So I own the property, so if I declare myself bankrupt will the property be sold and then the balance knocked off the mortgage without affecting the credit rating of the other person .?

    Thanks for any advice and hopefully others feel free to post a query on what is a daunting choice, but to anyone in the same boat dont feel ashamed there are thousands in the same boat.


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    If there is any legal way to avoid it DO NOT GET MADE BANKRUPT.

    You have no concept of how onerous the bankruptcy provisions are. You really do not want to go down that road. Be merciless with your personal finances, do whatever it takes but bankruptcy is absolutely to be avoided.

    Your question is far too serious and has far too high a stake involved for anyone to give you a more specific response than that.

    What I've said is just common sense advice. Legal advice should be sought from a solicitor if you feel someone will present a bankruptcy summons against you.


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