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.
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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.
A large number of people in serious financial difficulty likely waited for changes to the country’s bankruptcy laws so as to take advantage of the newly introduced shorter term, according to a bankruptcy specialist.
Chapter 7, 11 and 13 Bankruptcies are among the most common forms of bankruptcies under the US Federal Bankruptcy code. There are similar provisions in Irish law but different terminology is used in describing the Irish equivalent.