Bankruptcy | Irish Bankruptcy | Alternatives to Bankruptcy | Avoid Bankruptcy | Ireland

Bankruptcy in Ireland

Bankruptcy is a term used to describe when someone legally can no longer pay their debt. Bankruptcy in the in Ireland and the rest of Europe however are different.

Bankruptcy in Ireland is a very outdated compared to other countries like the UK and USA. In other countries were bankruptcy can mean a fresh start, in Ireland bankruptcy can affect you for many, many years and can make your life a misery. For that reason in Ireland Bankruptcy is not really an option for people looking for debt help. Bankruptcy in Ireland is very far behind other countries and is very, very complicated. For those who are made bankrupt or enter into bankruptcy they will not be discharged from bankruptcy until 12 years after the bankruptcy declaration, in the UK it is one year. There are currently calls for the Irish bankruptcy laws to be changed as they are seen by many sectors as being far too severe. As today’s laws stand on Bankruptcy in Ireland it should be avoided if possible


Bankruptcy in other Countries

In the UK when an individual or business can no longer afford their debts and legally declare it they can be made bankrupt. Bankruptcy is a decision which can be made by you to by the creditors that you owe money too if you are unable to make the necessary payments. Bankruptcy is usually considered a last resort when dealing with debt problems but it can also be seen as a new start depending on exactly what your debt situation is. However bankruptcy can carry some serious implications with it so it should never be considered lightly. The decision to go bankrupt should never be made just to get creditors of your back.

Alternatives to Bankruptcy

In Ireland Debt Management Plans would be the advised alternative to avoid bankruptcy. With a Debt Management Plan you can…

  • Avoid Bankruptcy
  • Get your debts paid off and eventually be debt free
  • Only pay a monthly amount that you can realistically afford.


McCambridge Duffy can help with your Debt Problems


McCambridge Duffy is one of Ireland’s leading insolvency companies and can provide you with all the information you need regarding Personal Insolvency and advise you on what debt solutions may be suitable.
So please feel free to call on 1890 719 465 to speak to one of our debt advisors for a free, confidential, no obligation chat so that you can make an informed decision about your future. Alternatively fill in the contact form below and we will give you a call.