Possible Scenarios - Bankruptcy
To help explain some of the concepts in bankruptcy, the Insolvency Service of Ireland has created some possible scenarios to illustrate how bankruptcy can operate in respect of a debtor, the Official Assignee, creditors, and the court.
It is important to emphasise that these possible scenarios are for illustrative purposes only.
They are designed to show how a particular arrangement might work in practice and assumes a pragmatic and realistic response by creditors.
The ISI does not provide financial advice.
Whilst it is possible to apply for bankruptcy yourself, it is advisable to seek professional legal advice to assist you in the process.
Scenarios updated to take into account the recent legislative amendments (November 2016)