Hi Silvio
I don't understand your argument.
On the date of your bankruptcy you had assets and liabilities. The assets should be sold to pay your liabilities. One of your assets is your pension fund. Of course, it should be sold or cashed to pay your liabilities. Your creditors should not get stung while you walk away with a valuable asset.
I do not understand why people want to treat the pension fund differently from other investments. If it were protected, then people who were in financial difficulty could stuff their pension fund instead of paying their creditors.
You tagged your family home question onto a Key Post, so it got missed. I don't know the answer but I have suggested that you ask your bankruptcy advisor as it's a very interesting question.
Brendan
I'm having difficulty with PM as well so shoot with any questions and I will do my best to give you my views on my experience to date.
.
One of the things that will become an immediate relief for you is all communication from your creditors immediately ceases.
It's tough but you will feel a very large sense of relief immediately and sleep better.
Thanks Bronte
I may post later on your post re relevance of which partner originally created the equity in the house (ie deposit). Interesting and hadn' previously thought about but surely a legal and administrative minefield to go back maybe 10-15 years and punish the lower earning spouse/partner.
michaelg,
No chance OA will go after either of those. Way below any threshold and may not even be subject to a threshold as they are both work related.
Bài đăng của bạn rất hay. thật tâm cảm ơn sự san sớt của bạn. Tôi đã có được nhiều tri thức từ bài đăng này.
Silvio, you raise a point which I think is fundamental, which no one can answer and say 'well it will get answered in 10-15 years"r
I don't think Silvio is saying that. He seems to be saying it would be difficult to go back 10-15 years to the early noughties in order to determine the relative equity stakes of a couple.
This is precisely what is wrong with the Irish legislation. There are too many unanswered questions,
The Irish solution is bust, it never worked and never will.
I agree with you, it's not very transparent exactly what is on offer, and the fact that it is in some cases open ended is ridiculous.
We can see with the low rates of take up, and the Insolvency Service now in desparation for clients that it is not working.
I would prefer 1 and a half years of hell in the UK to be clear as to the end of the problem, and the beginning of a new chance.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?