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In this video, we're talking about how bankruptcy works in Ireland. Bankruptcy is the 'option of last resort' for those who can't repay their debts. The Personal Insolvency Act introduced three non-judicial alternatives that insolvent individuals must explore before declaring bankruptcy. These are a Debt Relief Notice (DRN), a Debt Settlement Arrangement (DSA) and a Personal Insolvency Arrangement (PIA). The option that's best suited to an individual depends on that individual's personal circumstances i.e. the value of their secured and unsecured debts, the value of their assets, their net monthly disposable income after taxes and reasonable living expenses and their future prospects of repayment. Only where these options fail does bankruptcy become available. At that point, it's possible (but not guaranteed) that an individual could lose his/her home. Let's talk about it! Intro 0:00 Insolvency 1:05 Debt Relief Notice 2:13 Debt Settlement Arrangement 5:19 Personal Insolvency Arrangement 7:25 Bankruptcy 10:44 Supports & Conclusion 16:39 Start Saving Today 💰 ► Try out Raisin Bank*: https://raisin-ie.pxf.io/R5y4JR ► Try out Trade Republic*: http://trade.re/dama Start Investing Today 📈 ► Try out Trade Republic*: http://trade.re/dama ► Try out Trading 212*: https://www.trading212.com/join/MALONE Stay Informed Like Me 💡 ► Seeking Alpha*: https://www.sahg6dtr.com/2P9J9R/R74QP/ Playlists 🎥 ► Housing: • Housing ► ETFs & Index Funds: • ETFs & Index Funds ► Taxation: • Taxation ► Brokerage Platforms: • Brokerage Platforms ► Pensions & Retirement: • Pensions & Retirement Socials 📸 ► Instagram: / malone_financial ► TikTok: / malonefinancial ► Facebook: / malonefinancial ► LinkedIn: / malone-financial *Malone Financial is affiliated with the aforementioned companies. Malone Financial receives a commission for any customer conversions realized via the affiliate links. This video includes my own opinions (which do not reflect the opinions of said companies). Investing involves a risk of loss. Nothing mentioned in this video should be construed as financial advice.