Key changes :
Bankruptcy period to be reduced to 3 years from 12
New State run insolvency service to be set up
3 new, non judicial debt settlement opportunities http://BusinessAndLegal.ie Key changes
1. Unsecured debt <€20,000 :
Debt relief certification
To qualify:
A) net monthly income <€60
B) net assets <€400
Debt frozen for 1 year-then written off http://BusinessAndLegal.ie 1. Unsecured debt <€20,000
2.Unsecured debts>€20,000 :
Personal insolvency trustee required
“Some” debt written off over 5 years
Debt settlement arrangement
65% of your creditors must agree to the arrangement
Stick to the arrangement and debts will be wiped after 5 years http://BusinessAndLegal.ie 2.Unsecured debts>€20,000
3. Secured and Unsecured debts>20,000 and <€3 million :
Personal insolvency arrangement
Personal insolvency trustee
Repayment plan for 6 years
Agreement of secured (55%) and unsecured(75%) creditors
Payment plan for 6 years-then debts discharged http://BusinessAndLegal.ie 3. Secured and Unsecured debts>20,000 and <€3 million
New judicial bankruptcy :
Period of bankruptcy reduced to 3 years from 12
All your property comes under control of Court appointed Assignee
Co-operate and deal honestly and bankruptcy discharged after 3 years http://BusinessAndLegal.ie New judicial bankruptcy
Terry Gorry & Co. Solicitors :
http://BusinessAndLegal.ie
Tel: 086/81 21 797
01/610 3687 http://BusinessAndLegal.ie Terry Gorry & Co. Solicitors