Debt Problems and Bankruptcy Procedure In Ireland
The number of people facing significant debt problems and the looming spectre of bankruptcy is a cause of serious concern.
What is of great concern for many is an ignorance of the procedure involved and the legal jargon which is used to attempt to extract money from creditors.
At it’s lowest level the debt collection procedure will generally start with a 7 day letter of demand for the money owing followed up by a District Court Civil Summons or a High Court summary summons for larger sums.Ultimately the procedure will see the person or company owed the money attempting to register a judgment against the creditor.
If successful this judgment order is passed on to the county sheriff for execution.Ultimately it is a possibility that the creditor will face bankruptcy proceedings.
In the article below you can read about the bankruptcy procedure, the consequences of bankruptcy and other bankruptcy information surrounding the bankruptcy procedure in Ireland.
Debt problems can have negative long term consequences and will lead to further difficulties in obtaining finance in the future because of a bad credit report. But whether you are trying to carry out a debt collection or whether you are the creditor being pursued the article below will set out the debt collection procedure in Ireland today.
The small claims court might be the most appropriate forum for you if the amount of debt is small and you can read about the small claims court procedure in the article below.
Small claims court Ireland-the small claims procedure
Bankruptcy procedure
Help with credit card debt is a huge growth area with many people simply unable to pay their credit card debt having lost jobs, pay cuts, loss of bonuses and overtime etc. If you find yourself in this position you should alert the bank early and try to negotiate your credit card debt with the lending institution. Consolidating your credit card debts and coming to an arrangement with the banks combined with a change in lifestyle will be necessary if you are to settle your credit card debt.
