The process of bankruptcy in Ireland is very much out of date in comparison with other countries such as the UK and as such the range of bankruptcy alternatives is limited. Debt Management Plans handled by specialist representatives such as The Debt Advice Team still remain by far the most practical and popular debt solution in Ireland.

Debt Management Plans

Debt Management Plans are a negotiated arrangement between an individual and the companies or people that they owe money to. Debt Management Plans are often negotiated by specialist debt advice representatives who are known to the persons creditors and focus on brokering a debt repayment plan that is affordable to the individual and accepted by their creditors. Interest and other charges are requested to be reduced or frozen completely to assist the person with debt problems and an agreed monthly payment is sent electronically to the persons creditors by the debt management company. This arrangement is quick to set up and is the most widely used form of debt mediation in Ireland. Click Here For More Debt Management Plan Information.

Formal Schemes of Arrangement

Irelands bankruptcy laws do have a provision for a proceedure referred to as a 

however this part of the legislation is still very much untested and is seen to be overly complicated and problematic. Simply put, Formal Schemes of Arrangement involve negotiating a fixed repayment amount with a persons creditors on the basis that any remaining debt is 'written off' or forgiven at the end of the payments period. In reality however, Formal Schemes of Arrangement are not a practical option for people unless they have a lump sum of money that can be used to negotiate a full and final debt settlement quickly.