With the coming into force of the Personal Insolvency Act, 2012, persons in financial distress who wish to consider the different debt relief processes and other options available to them under the legislation, including personal bankruptcy and in order to prepare to negotiate with creditors, make reasonable proposals and ultimately to comply with a debt relief arrangement once agreed and approved, must be able to assess, with the assistance of their professional adviser, solicitor or authorised personal insolvency practitioner, a number of different aspects of their personal and financial circumstances, including:

  • their personal financial position to assess their income and expenditure to calculate their disposable income, to determine the value of their personal assets and liabilities and any contingent liabilities such as third party guarantees for loans;
  • their reasonable living expenses;
  • a comparison of the different debt relief processes, including bankruptcy and other options;
  • their eligibility for debt relief and how to select an appropriate process for their circumstances and to understand the procedure used in that process;
  • how to complete the documents and procedure used in the process;
  • the role of the Courts in the new personal insolvency process.

"The Personal Insolvency Act, 2012 represents a critical element of Ireland’s economic recovery in 2013 and beyond"


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