Last year marked one of the busiest years for the Insolvency Service of Ireland due to the large number of cases they examined in relation to bankruptcy. With at least 210 cases seeming somewhat suspicious, this independent statutory body had to dig deeply into financial and asset related records of every bankrupt person.
In order to be eligible for bankruptcy declaration in Ireland, you must fulfill three main requirements. The first one is that your debts must exceed your assets by €20,000. Assets are both financial and physical; some examples include stocks, pension funds, receivables, homes, cars, exc.
Many of the issues that the Insolvency Service of Ireland has seen in relation to this part of bankruptcy declaration is that many people who are declaring bankruptcy are attempting to keep some of the assets that are most important to them by illegally transferring the ownership to a family member or close friend.
The asset cannot be leveraged by the bankrupter in the repayment of loans if it is not under their name, which is why this it is now being …