The implementation of the new Insolvency Act 2012 provides a mechanism that aims to resolve the current debt crisis that exists for individuals throughout Ireland.
At Boland & Partners, we provide advice and aid in dealing with mortgage arrears, over-borrowing and the potential for entering into one of the newly available debt resolution plans detailed as follows:
- Debt Relief Notice
- This allows for the write-off of qualifying secured debt up to €20,000 subject to a 3 year supervision period
- Debt Settlement Arrangement
- For the agreed settlement of unsecured debt with an initial supervision period of 5 years with a potential for an additional year
- Personal Insolvency Arrangement
- For the agreed settlement of secured debt up to €3 million and unsecured debt over a 6 year period with an optional one year extension
Should negotiations with creditors prove unsuccessful, then the only remaining option for some individuals may be to enter Bankruptcy where exit from same has been reduced from 12 to 3 years as a result of the new legislation.
As this is a new service available, our expertise in navigating these waters is invaluable to our clients as the above is a brief summary of what is an extensive process that could prove daunting to most.
We at Boland & Partners can simplify each option and help advise clients on which route is the most beneficial as each case is inherently unique and requires the personal touch.