If you are having difficulty repaying your debts in Ireland, there are a number of options available to you should you require a solution to relieve your debt burden.
Donegal-based insolvency expert, Ryan Stewart, has accused banks of "duping" customers over the pursuit of mortgage debt shortfalls in cases where debtors have been forced to sell their family homes or buy-to-let properties.
Callous banks who seize homes are waiting until their customers get back on their feet then hitting them for more debts, it has been warned. Lenders have six years to issue recovery proceedings but the delay leads people to believe they no longer owe any money and don’t need to declare bankruptcy.
Recent changes to the bankruptcy regime in Ireland will boost the economy by stemming the flow of Irish entrepreneurs to the UK.
The Insolvency Service of Ireland anticipates that bankruptcy cases will double following the reduction of the normal bankruptcy term to one year in January. It’s safe to say that a large number of those cases will involve business ideas people - risk takers whose endeavours can make an economy tick.
Bankruptcy in Ireland has been changed, changed utterly; although a not-so-terrible beauty has been born for debtors.
It’s almost one hundred years since WB Yeats scribbled his famous lines on how Ireland had “changed utterly” after Easter 1916 but our out-dated bankruptcy laws had been around for much longer than that.
‘Bankruptcy has given me a new lease of life’ may seem a curious statement to some yet it is a truism for an increasing number of people in Ireland.
Just the other day one of our clients rejoiced that her whole family had been given a “new lease of life” after finally declaring bankruptcy.
Many people often mix up the terms “insolvency” and “bankruptcy,” assuming them to mean the same thing. However, these two words, though similar, actually have different meanings.
Quite simply, insolvency is a financial state of being –when you are unable to pay off your debts on time.
Bankruptcy, on the other hand, is a legal process that serves the purpose of resolving your insolvency.