12 months is a ridiculously short time to be allowed to come out of bankruptcy IMO (just as 12 years is far too long).
Personally speaking, I find the whole travelling over to the UK to avail of a very simple and quick bankruptcy procedure a quite frankly disgusting abdication of personal responsibility and typical of the change in Irish psyches over the last 15-20 years.
12 months is a ridiculously short time to be allowed to come out of bankruptcy IMO (just as 12 years is far too long). Now while I accept that bankruptcy is the only solution in some instances, there HAS to be some pain involved. I find it absolutely disgraceful that someone can swan off to England for a year, then come back and I have to shoulder the burden of their debt as well as my own.
People in this country made mistakes. Not just big bankers, millionaire developers and politicians (can't think of a suitable printable adjective here!) but ordinary decent working people.
I made mistakes. I took out a mortgage top-up and bought new cars and went on expensive holidays. But I'm paying for it now. I'll admit I'm lucky, I have a full-time job and my wife has a full-time job. However half of our monthly income goes solely on paying the mortgage, servicing stupid loans and paying childcare costs. If we didn't have those loans, my wife wouldn't have to work and she could enjoy our children's formative years.
I would reckon there is not one person in this country who doesn't want to see the likes of David Drumm back in Irish courts having to pay his dues to this State. So what is different about hundreds of little "David Drumms" running off to England to try to do exactly the same thing?
So I would urge our government to pass some form of legislation reducing the bankruptcy discharge period to 5 years while also refusing to accept a discharge from another country where the discharge period is less than this.
If people want to avail of UK bankruptcy then so be it, but lets not make it an easy choice.
Just my 2c anyway
Let the games begin!
And while we are at it why don't we flaggelate ourselves as well.
Why does there have to be pain?
I think you should direct your ire to the imbeciles who guaranteed the private debts of banks thus insulating the ECB ,German ,French banks from taking the hit and foisting it on the Irish citizen, Imagine guaranteeing all bank debts without carrying out due diligence. The same imbeciles are making you and I pay them circa 130k per year in pension drawings and half them in their 50s , just because the stupid Irish government of the day decided to carry these losses . Why ? It's the Government who impose this austerity on you not people like myself who have lost everything I worked for . Two kids under 7 and facing into bankruptcy is not a nice place to be at 42 believe you me .
I made mistakes. I took out a mortgage top-up and bought new cars and went on expensive holidays. But I'm paying for it now. I'll admit I'm lucky, I have a full-time job and my wife has a full-time job. However half of our monthly income goes solely on paying the mortgage, servicing stupid loans and paying childcare costs. If we didn't have those loans, my wife wouldn't have to work and she could enjoy our children's formative years.
Why does there have to be pain? I am talking to people everyday who are on the verge of suicide because of debt. I hear their tears and their call to me is the hardest thing that they have ever done. This is not an easy decision. The solution may seem to easy to some of you, but admitting that you can't go on and then deciding to give up your house, move to a new country, leave your friends and family behind is excrutiating for people.
Please don't tell me this is easy.
Steve
I would have thought this too. For failed business owners it is also extremely difficult to get new funding for a new venture, whether it be private direct investment or a loan from a bank.Is it wrong that the impression is created that after 12 months the person is clear of their financial past. I would have thought that it would be difficult to get a credit card, a mortgage is probably out of the question for a few years. Is there not another 5 years of pain until the credit history is cleared?
I think you should direct your ire to the imbeciles who guaranteed the private debts of banks thus insulating the ECB ,German ,French banks from taking the hit and foisting it on the Irish citizen, Imagine guaranteeing all bank debts without carrying out due diligence.
Because we're Irish, and we feel a need for suffering and self-flagellation to compensate for our own mistakes and shortcomings. As a nation, we pretend that we have rejected the authoritarianism of the pre-Vatican II Catholic Church yet we still cling to some of its most unattractive aspects.
Not all irish living here though, plenty of foreigners here paying there way, not trying to look at the mud.
True, but I'm not sure how many of them have been involved in devising current and recent government policy on bankruptcy.
So you want to blame all and sundry for your mistakes.
So much condemnation of the ordinary people in debt, yet not a whisper about bailing out failed banks, developers and foreign bond holders. Different rules for those who are powerful and well connected.
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