Personal Insolvency in Ireland 2013

It’s finally here, the legislation is in place and we’re ready to go. Well, not quite ready. According to Lorcan O’Connor, Director-designate of the┬áState setup Insolvency Service of Ireland, they don’t expect to be able to receive any applications until at least the 2nd quarter of this year. I would be surprised if there any applications before the summer.

In the meantime people who would like to seek debt relief should be talking to their creditors. Most of the arrangements that will be available under the Personal Insolvency Act will depend on the cooperation and approval of 65% of the creditors. Creditors will generally lose out most if the bankruptcy option is chosen as the costs come out of the pot before the creditors are even considered.

Options available:

– Debt Relief Notice

– Debt Settlement Arrangement

– Personal Insolvency Arrangement

– Debt Management

– Bankruptcy

Welcome to a brave new world.

Good Financial Housekeeping

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