Personal Insolvency Agreement As a Debt Management Solution

 

In Ireland, a Personal Insolvency Arrangement (PIA) is a legislative procedure for people who are unable to return their obligations when they become due but do not want to file for bankruptcy. Under Ireland's Personal Insolvency Act, the agreement has three alternatives; another two are Debt Settlement Arrangements (DSA) and Debt Relief Notices (DRN). A Personal Insolvency Agreement (PIA) is a legal agreement negotiated and overseen by a Personal Insolvency Practitioner between a debtor and their creditors (PIP). A PIA is normally for a six years and must contain both unprotected and protected obligations.

Personal Insolvency Practitioners' Responsibility

Personal Insolvency Ireland Arrangements can only be sought for by an authorized third party, known as a Personal Insolvency Practitioner, according to the Personal Insolvency Act 2012. Attorneys, Barristers, Licensed Accountants, Certified Economic Consultants, and other professionals must be registered by the Insolvency Service of Ireland (ISI).

The Act Authorizes Certain Agreement Procedures

·         Insolvency of a debtor statement

·         Provision of a Certificate of Protection

·         PIA proposal drafting

·         Conference of creditors and PIA approval

·         PIA implementation

·         Closure

·         Rejection

There are two types of personal bankruptcy for consumers. Both are intended to assist clients during a financial crisis, but the remedies provided are vastly different.

If you're drowning in debt or on the verge of bankruptcy and need help, you can consult a professional for advice on how to get personal bankruptcy help Dublin right away, since it affects a lot of individuals, particularly in hard financial times.