There are several types of insolvency. The best solution for you will depend on your individual circumstances and how much you owe.
- Debt relief notice (DRN) – This relates to a debt relief of up to €25,000, if you have a low income and a few assets.
- Personal Repayment Plan (PRP)
- ‣ If you own a property or other assets and can keep up with payments to your secured debts, but you can’t afford your unsecured debts
- ‣ If you’re a homeowner and you can’t afford to make full payments to your mortgage and/or unsecured debts
- Bankruptcy – This option is only suitable if your debts exceeds €15,000 and you cannot qualify for any of the other options
If the above seems complicated, please do not hesitate to give us a call and our debt advisors will help you decide which of these options are right for you.
We’ll give you clear advice so you can understand exactly what’s involved.