Being declared bankrupt can seem a very daunting process, there is often a lot of uncertainty around how the system works and what you are and are not allowed to do, writes John Lynch of Lynch Solicitors.
But the process can be quite straight forward.
What does it mean?
Essentially, if you are not able to meet your debts when they fall due, you may apply for bankruptcy.
This means that all your liabilities and assets become the responsibility of the Bankruptcy Court via a court officer, known as the Assignee in Bankruptcy. The process is based on full disclosure and co-operation by you.
Can I continue to earn?
You can continue to work and earn during bankruptcy.
You are allowed to retain a sum of money which is termed a reasonable liv…
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