Before you go down the road of Bankruptcy, it’s important to consider all the insolvency options available to you (check out our guide to bankruptcy). If you are still able to pay back your debts, then it’s important you try to work out a payment plan with your creditors. At the end of the day, bankruptcy would be a very drastic alternative to pursue if you’re still able to take care of your financial woes by working out a fair payment plan. When you declare bankruptcy, you might be making things easier on yourself in the short-term, but further into the future you could face difficulties because of it, such as finding a lending organisation is reluctant to grant you a loan. Even so, it can be very difficult to know what kind of payments you’re actually capable of making and if a payment plan is realistic. If you’re confused about what to do and need some helpful advice, our insolvency solicitors in Dublin are always ready to talk things through and help you come to a decision you’re confident about.
Over the past few years, many people have found themselves in unfortunate financial difficulties. In many cases, they have begun to feel trapped by severe negative equity because their income and ability to repay debts has been crippled by changed personal circumstances. It’s easy to lose perspective when faced with these problems. It can begin to seem like there are very few options and a solution you’re happy with seems impossible to find. However, with numerous years of experience between our team of personal insolvency solicitors, we can say with a great amount of confidence that there is always a way of improving the situation. Here are some common issues that we’re ready to help you with.