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LEGAL COLUMN: What is bankruptcy? All you need to know
Donegal solicitor Conor McLaughlin explains the bankruptcy process
Reporter:
“Tough times don’t last. Tough people do.” - Gregory Peck, American Actor
Bankruptcy is a legal process where an individual is declared unable to pay their Creditors.  The property or assets of an individual, who is unable to pay their debts (called a Debtor) are transferred to be sold by a person known as an official assignee who is given charge of the property by the High Court. When the property or assets are sold, the costs, expenses, court fees and certain priority debts are paid. After this, the net proceeds are distributed to those owed money (the Creditors). ....

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