Debt Advisory Centre Ireland welcomes proposed bankruptcy changesDebt Advisory Centre Ireland welcomes the proposed changes to bankruptcy laws that could enable bankrupts to apply for discharge after five years, instead of the current 12 years.by Melanie Taylor Wednesday, July 13, 2011
The company said that the softening of existing bankruptcy laws would be good news for both those already going through bankruptcy and those considering bankruptcy as a solution to their debt problems. Currently, bankrupts in Ireland can apply for discharge after 12 years, but many bankruptcies last longer than this because there is currently no legal time limit or guarantee of discharge. The changes would mean all bankrupts are discharged after 12 years, but some could be discharged after five years provided they meet certain conditions. An expert at the Debt Advisory Centre Ireland commented: "Bankruptcy laws in Ireland are currently a lot more severe than they are in the UK, and the implications of becoming bankrupt can last for an indefinite period - which is often a deterrent for people who are very much in need of an appropriate insolvency solution. Hopefully, these changes will help make bankruptcy a less daunting prospect and encourage more people to get the help they need. "However, there are still relatively few options for Irish people who have gone past the point where debt consolidation or an informal debt management plan is still appropriate. In addition to changes to the bankruptcy laws, the introduction of alternatives to bankruptcy, such as those seen in the UK, could also help to ensure more people get appropriate and much-needed assistance with their debt problems." -ENDS- Notes to Editors Debt Advisory Centre Ireland offers debt advice and a range of solutions to help people in various degrees of trouble with debt. The company is part of the Think Money Group, which also provides a range of financial solutions including bank accounts, loans and credit cards. General |
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