A total of 126 people declared bankruptcy in Galway in the past five years, according to new figures from the Insolvency Service of Ireland.
The figures show that between January 2014 and the end of 2018, there were a total of 126 bankruptcies here.
A further 209 people came to insolvency arrangements with creditors during the same period through Debt Relief Notices (DRN), Debt Settlement Arrangements (DSA) or Personal Insolvency Arrangements (PIA).
Where certain criteria are met for debt, a DRN allows the write-off of up to 35,000 subject and the person is subject to a three-year supervision period.
A DSA allows for the agreed settlement of unsecured debt (with no limits) over a period of up to five years. A PIA allow…
Read the full article at: https://connachttribune.ie/insolvency-stats-revealed/