If you cannot pay your debts when they are due, you may be insolvent under the Personal Insolvency Acts. This can occur whether or not your debts are greater or lesser than the value of your assets.
A PIP is the only person authorised to apply for either a DSA or PIA.
PIPs charge a fee for their services. The Government has put a new scheme (called Abhaile) in place to help people who are insolvent and in serious mortgage arrears on their home to access free, independent, expert advice.
If you need financial advice, you may be eligible for free advice with a PIP. Your MABS advisor may provide you with an Abhaile voucher or alternatively, your PIP can submit your application for a voucher.
You can speak with Jeanne Stapleton who can assess your situation and determine your best options to deal with your personal circumstances and the solution most appropriate for you.
Usually Bankruptcy is the last choice and only if you cannot negotiate an alternative arrangement. You will be given more information on the bankruptcy process during an initial meeting.
You must have a letter from your PIP confirming that bankruptcy is the only option available to deal with your financial difficulties.
All arrangements must allow debtors an amount for "Reasonable living Expenses" which is based on family size and age of dependants. Additional amounts are allowd for special circumstances such as childcare, ad mortgage protection. Your PIP will review and explain these costs to you.