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Ronan, Solicitor
Category: Republic of Ireland Law
Satisfied Customers: 2244
Experience:  B. Corp Law, Ll.B. Dip Comm Prop. In general practice for more then 6 years
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Ronan, I'm Aisling. I sincerely ***** ***** can advise on the fo

Customer Question

Hi Ronan, I'm Aisling. I sincerely ***** ***** can advise on the following - house initially bought to live in, then job change and location change, house rented, tenants very sporadic with rent payments despite warnings non payment of same would jeopardise their lease. Large mortgage on this property and rent not covering it. Had house trashed by previous tenants, used all savings to refurb and re-rent property, became unemployed and then lost my home with partner due to relationship breakdown. Lost investment in this shared property also. So with severely limited resources I then went interest only on mortgage to try and balance very small rental payments (applicable to area) making a payment to the Bank on the mortgage even in these challenging circumstances. Bank consistently breathing down my neck and am wits end. They are getting paid monthly as and when I can get the rent out of the tenants (inside the month). Very stressful situation. I want to investigate bankruptcy or an al
Submitted: 2 years ago.
Category: Republic of Ireland Law
Expert:  Ronan replied 2 years ago.
Many Thanks for the above information. Have you a specific question in relation bankruptcy or the alternative opitions under the Personal Insolvency Act 2012?
Customer: replied 2 years ago.
Hi Ronan,Thank you for your reply. I don't think you can help me really. I just need a cost effective way out of this issue and no one seems to really know what to advise and what direction to go to start the process. Just seems like this was another ill advised investment. Thank you anyway.Kind regards,Aisling
Expert:  Ronan replied 2 years ago.
You are probably right, I think you should engage a PIP. You can review the 3 options with you Personal Insolvency arrangement, Debt Settlement Arrangement or Bankruptcy. I don't belief a Debt notice relief would meet your criteria. Unfortunately, only people with high incomes have qualified for these arrangements to date. As the allowable living expenses have been so high they have made arrangement practically impossible. Bankruptcy may well be your best option