Tag: Bankruptcy

Bankruptcy law changes

Personal Insolvency Law is now regulated by the Personal Insolvency Act 2012 and the Bankruptcy Acts 1988-2012, since December 2012. The most significant change is the introduction of an automatic discharge period of three years. However, it is perhaps not as automatic as it looks when you realise that a further five year ‘Income Payments’

Bankruptcy Benefits

With the 12 year automatic discharge period cut to 3 years, there are Benefits in bankruptcy as a debt settlement remedy: Fees for legal advice and negotiation are provided for as part of process. The stigmatisation is diluted as the Economic Crash is seen as the cause. Fresh start, the bankrupt’s debts are wiped out.