Neo Financial Solutions

1 YEAR BANKRUPTCY IS FINALLY HERE!

This is a great day for the ordinary person who has struggled for so long without any assistance 1 year bankruptcy is here!

Legislation cutting bankruptcy term to one year imminent – Kenny

Government accepts need to reduce term from three years to one year, says Taoiseach

Read the full story here

So what will this mean?

Bankruptcy Term –  Once the 1 year term is introduced a person will be automatically discharged after only 1 (ONE) year of bankruptcy.

If you have already declared bankruptcy – The draft law states that if you have already been bankrupt for 1 year and 3 months you will be automatically discharged!

Family Home – If the family home has not been sold within 3 years of the bankruptcy the ownership will automatically revert back the bankrupt so no need to acquire the assignees interest and pay the €5k+ ransom being demanded.

Payment Orders – We would expect that payment orders will also be restricted to a maximum of 3 years from the date of the bankruptcy.

More news will follow