Forming a Lobbying group for Bankruptcy term reduction

[Stuboy]

Hi Outsider,

An income payment agreement (IPA) will only be sought if you income is above the guidelines for your particular situation. Generally, the OA will assess your income a few weeks after you have been adjudicated bankrupt. If your income is over the set level, the IPA will last from 5 years from that date. The IPA is reviewed on a 6 monthly basis and any alterations, in times of unexpected expenses for exmaple, can be managed by email with the OA.

It is my understanding that the bill proposed by Deputy Penrose runs along the same lines but the maximum IPA is 3 years. In theory, this means a newly adjudicated bankrupt who is liable for an IPA should be assessed as early as possible and they will be free of the IPA pretty close to 3 years from the time they were adjudicated bankrupt.
This would be the same as the UK.

If you have no ipa at time of discharge my understanding is that you are discharged and no longer under review. It is imperative not to have an income in excess of the limit at time of discharge

 

[Stuboy]

http://www.newstalk.com/Irish-Mortg...erhaul-of-legislation-dealing-with-insolvency

David Hall on one year bankruptcy coming into play by year end on newstalk at weekend.

 

[Silvio Dante]

Thanks Stu,

Nothing slated for Dail this week so it's getting tight for year end.

 

[Catastrophe]

Thanks Stu,

Nothing slated for Dail this week so it's getting tight for year end.

Legislation for one year bankruptcy up in Dail next week according to David Hall's Facebook. To be brought before the House by Francis Fitzgerald.