Aidan O'Byrne (PB00203) is authorised by the Insolvency Service of Ireland to carry on practice as a personal insolvency practitioner.
The Personal Insolvency Act, 2012 was enacted to create a framework to deal with the extensive amount of unsustainable personal debt existing the country.
The table below details some of the issues relating to the process.
|Frequently Asked Question||DSA||PIA||Bankruptcy|
|What debts qualify ?||Unsecured Only||Secured < €3m Unsecured||All Debts > €20k|
|Do I have to eventually pay all the debt ?||No||No||No|
|Is Interest Frozen during arrangement period ?||Yes, if approved||Yes, if approved||Yes|
|Do my creditors have to agree to the proposal ?||Yes, 50%||Yes, 65% in total & at least 50% of Secured & Unsecured||No|
|Are all debts included ?||No, secured, excluded & excludable debt not||No, excluded and excludable debt not||Yes|
|How long is the arrangement ?||5 or in cases 6 yrs||6 or in cases 7 yrs||3 Yrs but conditions can extend to 8 yrs|
|Do I have to keep my part of the arrangement ?||Yes or else deal fails||Yes or else deal fails||N/A|
|Can my creditors contact me or hassle me in any way ?||No||No||No|