Before any of the above happens, and as your debt advisers, we will advise you of whether you qualify for bankruptcy. We will work with you to establish whether you really are insolvent in terms of the legislation. We will also look at the possibility of a Trust Deed or a Debt Arrangement Scheme at this stage instead of going down the bankruptcy route.
When we are sure, and we are both agreed, that bankruptcy is the best way to deal with your debt, we will jointly complete your debtor application pack.
The next stages in the process consist of issuing you with a Certificate of Sequestration and then submitting your application to the Accountant in Bankruptcy (AIB). Your application will then be processed within around 5 working days. The AIB will also arrange for a Trustee to be appointed in your case.
The Trustee will deal with all your creditors: you do not have to deal with any of them. In fact, your Trustee will deal with your creditors in all circumstances, taking control of your assets and deciding the most effective way of using them to pay back any unsecured debts in as far as you are able.
If you are not able to pay your creditors back in full over time, then your Trustee will again communicate with them directly. TC Debt Solutions can act as your Trustee.