Sometimes the options of a DRN, DSA or PIA are not the right one for you.
Possibly you may even have tried one and for whatever reason, you have not been able to successfully complete the agreement, or your creditors did not support your efforts to agree a solution with them. In this case, an application to be adjudicated bankrupt may be the best route for you out of your debt difficulties
Bankruptcy is a formal High Court insolvency solution for people in debt over €20,000, where the other debt solutions are not an option. During the bankruptcy process, the ownership of the person’s property and possessions transfer to the Official Assignee in Bankruptcy (OA). Their responsibility is to ensure that the value of the assets owned by the individual are converted into funds and distributed to the creditors.
Where a family home is involved which has a positive equity value, the OA will firstly discuss with the co-owner (if applicable), whether they can possibly buyout the equity share.
Individuals can apply personally to be adjudicated bankrupt, but must provide a supporting letter from a Personal Insolvency Practitioner confirming why this is the most appropriate option for them.