Republic of Ireland Law
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1. The first thing you need to realise is that the financial institution won't be making you bankrupt over 130k when there are four others also liable for this amount. Effectively, you owe 26k if each party pays their share. Nowadays, the bank will simply collect the full amount off one or more individuals and then let each one of you sue the other for their contribution.
2. So, if you are not viewed as the person with assets, you will effectively end up being sued by one ofthe other four for your 26k share. Be aware that bankruptcy is not a debt collection tool in Ireland so where there is only one debt, it cannot be used to put someone in bankruptcy. However, be aware that if you do go bankrupt in Ireland, your American assets will be taken as well. Bankruptcy in Ireland is global.
3. What you should do at this stage is to arrange for each of the other four to pay their 26k share and effectively pay off the bank. The amounts are small and don't merit getting involved in fighting the bank. If there are legal proceedings in the High Court and you have an award of costs levied against you this amount could double with the payment of legal costs. In Ireland, unlike America the losing party pays the other sides legal costs.
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