McGroddy Brennan is a full service law firm established in 2007 with offices in Dublin City Centre and Ashbourne, Co.Meath. We target our services to a wide range of clients including private clients, corporates, charities and banks.
Bankruptcy & Insolvency
Bankruptcy is an effective option to clear your debts if you are saddled with large levels of debt and same are causing you stress or anxiety, McGroddy Brennan are well placed to advise if bankruptcy is an appropriate solution for you.
Our bankruptcy department will meet with you and look at your circumstances and advise the best course. Furthermore, should you decide to engage our service, we can ensure that your case is handled diligently and that you get the best possible result.
Bankruptcy is now a more viable option in Ireland as a result of the recently changed law when the Bankruptcy (Amendment) Act 2015, was signed into law.
The main changes in the Act are as follows:
- Reducing the normal duration of bankruptcy in Ireland from 3 years to 1 year (up to December 2013 it was 12 years).
- Returning ownership of the bankrupt person’s home to them after 3 years (subject to any outstanding mortgage) unless it must be sold to pay creditors.
- Reducing the maximum duration of bankruptcy payment orders from 5 years to 3 years, except in cases of non-co-operation or concealment of assets.
- Extending the duration of bankruptcy in cases of non-co-operation or concealment. Streamlining and clarifying the processes of bankruptcy in Ireland.
- When you decide to work out a bankruptcy with us, you’ll understand exactly what’s happening each step along the way, and be able to make informed and well educated decisions.