OK I'm confused here then
Either a bankrupt pays a portion of debt after the court hearing or they don't. Either the creditors receive an extra 11 years payment under the Irish syatem or they don't
Which is it?
Do creditors get any more in the UK system?Under the Irish system the creditors get almost nothing.
It must be a great source of relief for these people that are suffering and seeking UK bankrupcy that caring guys like you Steve give up your free time and do this pro bono work.
My main issue is the 12 months as opposed to the actual bankruptcy.
I just feel that 12 months is too short and therefore too much of an easy option for people, in some circumstances.
I would prefer to see a 4-5 year discharge period.
Nope.Do creditors get any more in the UK system?
I think is the best argument so far, bankruptcy is not a life stele choice. Either you are or you aren't able to pay your bills. Whether the period is 1 year or 12 years has no baring on that fact.You are talking about if you make bankruptcy easier, more people will avail of it like it is a lifestyle choice. It's not. You are either bankrupt or you are not. The question is how long to we punish people for it and how hard do we make it for them to start over again.
The bottom line is that if you make something easier then more people will avail of it. I don't think you can argue with that (or maybe you can!).
If you have 10 people and 1 goes bankrupt then 9 people have to take up that slack. Make the process easier and 3 people avail of the process. Now you have 7 people taking up the slack.
But maybe you can back up that claim with data from the UK after they changed their laws.
It's not startling at all considering people had probably lived in misery for years before the law change so you were always going to see a jump at the start.
Jeez,I got the wrong end of the stick here completely,I thought he was a kina English version of New beginnings,a type of a Robin HoodMy understanding is that Steve is in the bankruptcy business so presumable he makes a living from it. And nothing wrong with that.
It's not startling at all considering people had probably lived in misery for years before the law change so you were always going to see a jump at the start. What you are not seeing is evidence of people choosing bankruptcy to escape debts after irresponsible living.
Is it true that in the UK bankruptcy process pensions are safe but in Ireland they are not?
If so creditiors would lose out where there was a substantial private pension.
Thanks for digging out those numbers DB74.
Despite the numbers I still fail to see how this is a bad thing, i.e. having more people recover from insolvency in a quicker period of time. If the Irish taxpayer was not on the hook for the debt write offs, but rather the bank's bond holders and other investors, then I don't think there would be much discussion about it. The problem is not the amount of bankruptcies or an increase in them, but rather the fact that successive governments have guaranteed bank debts.
There is no acceptance of wrong doing on their part at all.
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