Driving a taxi and bankruptcy

[Cab2017]

Hi, first time poster, long time viewer of the forum. Unfortunately I've been carrying a lot of debt since the recession and AIB have now started legal proceedings to repossess my home. On top of that, I have approx €20k in unsecured debt aswell as arrears and negative equity. I've decided to get the monkey off my back and go the bankruptcy route.
The only other asset I own is my taxi, I'm wondering if anyone here has experience of going through the new bankruptcy process. My main concerns are will I lose my spsv licence as a bankrupt? I know certain professions lose their licence to operate ( accountants and solicitors). Also, my vehicle licence is non transferable so has no tangible value to anyone except me, does that mean it's not an asset? Any advice would be greatly appreciated if you or anyone you know has been through the process.

[SClass]

Get into your taxi and only get out to eat and sleep.  That's what most taxi drivers do,
You  got yourself onto a hole, shit happens, that's life,
Give it a go to get yourself out of it.
No one will do it for you.
Best of luck with it.

[Shallowhal]

Sorry to hear about your situation Cab2017,
I'm sure you don't need me to tell you that you need to seek professional financial advice,MABS etc,especially if you're considering entering bankruptcy,
With regards your taxi licence,as long as your tax affairs with Revenue are in order you shouldn't have any problems getting the required Tax Clearance Cert/Access Number to keep you self employed at least,but get the advice asap,
But do let us know how you get on and best of luck.

[Rat Catcher]

Start here:

http://www.citizensinformation.ie/en/money_and_tax/personal_finance/debt/personal_insolvency/personal_insolvency_options.html

[mercenary for hire]

You might be surprised how willing the banks are to negotiate.I'd rather lose my licence than my home.Best of luck.

How much is considered a lot of debt nowadays ??Unless yer living in Laois yer gaff is probably worth more than you realise.

[Belker]

To the best of my knowledge, your taxi licence can only be taken off you if you have a murder or rape conviction against you.
Or if the Garda superintendent objects to your licence being renewed for being of Bad Character.
Or if you fail to have a tax clearance cert.

Best of Luck, Cab 2017.

[mercenary for hire]

Ya should really double check to see if you're actually in negative equity.In Dublin many properties are selling for up to 20% more than asking price.Remember if ya give it back to the bank you'll struggle to find a rental property cheap.It's an absolute mess out there.The corpo aren't housing folks like they used to.No point being bankrupt and homeless.

[The Liffey Lip]

Just as expensive in the feeder towns. Naas and Navan are just as dear as parts of Dublin now. €800 to rent a gaff in towns as far out as Mullingar and Tullmore......recipe for disaster and it'll go tits up again.

[Shallowhal]

When NAMA started selling off swathes of land to investors/vulture funds it was never gonna end well,they'll just sit on that land with no development plan,
Build houses is the only solution

[SClass]

The people keep taking up the Swiss
The powers are happy enough looking after their seats and fat pension.
Sure we'll be grand.

[The Liffey Lip]

When NAMA started selling off swathes of land to investors/vulture funds it was never gonna end well,they'll just sit on that land with no development plan,
Build houses is the only solution

Seems they want what people scrimped and slaughtered themselves for-:your property when you get old. Cynical incentives for Mick and Concepta to downsize from their gaff near Gorsehill to an apartment in Clonee appears to be their preferred solution. Some of the DAFT economists are saying building more houses is the worst thing they can do. I'm not up with economics so i'll leave it to thoe who are to elaborate.

[Rat Catcher]

Unfortunately the erm is on vacation. Downsizing makes sense to me, I won't want a 4.5 bedroom house when the younglads move out... if the younglads move out!

[The Liffey Lip]

You say that now until you end up in a cell with her indoors watching your every move.

[Rat Catcher]

Perhaps

[mercenary for hire]

I've just downsized by accident.Went from 1024 sq feet to 600 odd.Had plans to build extensions and all that fancy stuff but after a while ya realise ya don't need big houses to be happy..Just money.