Personal Case Studies
Case Study - Handling creditors
A protracted period of unemployment left an individual, with an otherwise manageable burden of debt, in a difficult and stressful situation. Creditors were calling at unsociable hours and family life was suffering. He had limited resources himself, but we were able to help him come to a formal arrangement with creditors whereby they accepted payment of less than 30% of their debt from another family member.
Case Study - Positive aspects of bankruptcy
An individual had been trying to manage a high burden of personal debt for several years without any seeming reduction because of accruing interest. We were able to demonstrate that, for that person, personal bankruptcy was the best option. Our experience of the practical effects of bankruptcy enabled us to help the individual overcome his fear of that "unknown" and gain the fresh start that insolvency legislation provides.
(Bankruptcy is sometimes a better option for an individual but the topic is quite complex and detailed advice should first be taken - again, the earlier the better).
Case Study - Individual voluntary arrangement
A lost legal battle with a builder left a home owner with a bill for legal costs that he could not pay, in addition to the previously disputed liability for building work. The aggrieved builder threatened bankruptcy proceedings but we were able to help the individual avoid that by means of an individual voluntary arrangement under the insolvency legislation. Our "even-handed" approach was able to overcome the ill-will generated in the court action and enabled the builder to take a commercial view.
(Individual voluntary arrangements (IVAs) are very flexible and should always be considered first where bankruptcy threatens - they can even be used after bankruptcy to reverse that process).
Contact Us Now
Personal Case Studies
Discover how Monahans helped various individuals in difficulty.