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.
Articles tagged with: Insolvency
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.
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.
The Government’s recent decision to reduce the term of bankruptcy from three years to one year has been heralded as “possibly the most important of its term in office”.
Struggling homeowners will soon be able take advantage of one of the 27 special Money Advice and Budgeting Service (MABS) outlets nationwide and will also be able to consult with court “mentors” during hearings. The Department of Social Protection is increasing the ability of MABS to assist distressed mortgage holders through a number of different measures including a greater role in offering information and advice through all stages of the mortgage arrears resolution process (MARP).