The weekend papers headlined that parents would have to stay at home as high childcare costs would not be counted as legitimate debt and neither would private healthcare. This may become the case but to date the guidelines on the new Insolvency legislation await publication. While the law has passed the structures have yet to
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Tag: insolvency
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’
Debt settlement arrangements (DSAs) are available under the new Personal Insolvency Act to debtors with unsecured creditors over €20,000. Section 49 of the act provides that the debtor must apply in writing to a personal insolvency practitioner including details of his financial affairs. Following receipt of this information, the personal insolvency practitioner shall hold
One of the new non-judicial resolution processes introduce by the Personal Insolvency Act is the debt relief notice (DRN). This only applies where a debtor has qualifying debts that amount to €20,000 or less. To be eligible for a DRN, the debtor must have a net disposable income of less than €60 per month, assets
The Ostrich approach does not work when dealing with debt. Problems will get worse if you do nothing. Burying your head in the sand will only end up with more costly action being taken. Engage with the creditor as soon as you can no longer meet repayments, don’t wait until the matter is passed over