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