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Back on Track

Tackling problem debt, together

The Insolvency Service of Ireland (ISI) is an independent government organisation set up to help sort out personal debt problems and help get people back on track.


The ISI also deals with bankruptcy. But you must first have tried to solve your debt problems using the three alternatives listed above, before you can seek to be made bankrupt.


How do I know if bankruptcy is the right insolvency solution for me?

Bankruptcy is a formal, high court process for people in debt over €20,000. Before you consider applying for bankruptcy you must first have explored the alternative solutions to bankruptcy which are contained in the Personal Insolvency Act 2012, and which are also available on this website. If these alternative solutions are not suitable then bankruptcy could be the right solution for you.

What are the benefits for me?

When you are declared bankrupt, your property and possessions are transferred to a person called the Official Assignee. He then arranges for those items to be sold and the money generated from the sale is distributed to the people you owe money to your creditors.
No, the Official Assignee will deal with your creditors for you, so this will put an end to any demands for unpaid debt – no more calls, letters or visits.
Yes, you are entitled to have a reasonable standard of living. This includes food, clothing, education, healthcare and a modest allowance for savings. Under the ISI model, this means a higher standard than merely living at a subsistence level, which people often exist on when in debt.
Unsecured and secured debt such as mortgages for family homes or buy-to-let properties, business loans and credit card loans can be included in your bankruptcy. Examples of debt that cannot be included would be court fines in respect of criminal offences, or any new debts you accumulate after the date you are made bankrupt.
In bankruptcy, all assets including your interest or share in the family home will transfer to the Official Assignee. While it is a possibility, you should not assume you will lose your family home in bankruptcy.

Download our full, in depth guide to the bankruptcy process booklet .

Usually, after one year you will be discharged from bankruptcy and all of your debts will be written off. You should then be solvent and able to regain some financial independence.

Who can help me decide if bankruptcy is a solution for me?

A Personal Insolvency Practitioner (PIP) can help you identify the most appropriate option for you. PIPs are part of a network of qualified professional advisors regulated by the ISI and contact details can be found here or by calling the ISI’s information line 01 764 4200.

If you are in home mortgage arrears you could be eligible for a free PIP consultation under a new State-funded scheme.

View details on the scheme

View our list of Personal Insolvency Practitioners participating in the scheme is available

Take the first step to getting back on track financially with ISI.

Download our short guide to Bankruptcy

Download our more detailed Bankruptcy guide

01 764 4200

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