Some people when in Bankruptcy will try and abuse the insolvency system or engage in dishonest, reckless or otherwise culpable conduct. To protect against that the Enterprise Act 2002 introduced Bankruptcy Restrictions Orders and Bankruptcy Restrictions Undertakings. The effect of either a Bankruptcy Restrictions Order or a Bankruptcy Restrictions Undertaking is that the restrictions imposed on the bankrupt individual continue to apply, even after the (usual) twelve months discharge period has expired. Continue reading
insolvency
Insolvency Information from McCambrdige Duffy
Who will find out about my IVA?
Insolvent persons who are considering entering into an Individual Voluntary Arrangement (IVA) with their creditors are often concerned as to whether the world generally and certain other people in particular will find out about them and learn that they are in financial trouble. This is a very understandable worry. Continue reading
Dealing with Personal Debt via an Individual Voluntary Arrangement
In our first two articles in this series, we looked at Debt Consolidation and the Debt Management Plan as two of the main approaches for dealing with personal debt problems. In this article we will briefly look at the first of two formal processes that are specifically targeted at debts who are insolvent i.e. an Individual Voluntary Arrangement. Continue reading
Dealing with Personal Debt via Debt Consolidation
With so many people today having personal money worries it is remarkable how reluctant some people can be in seeking a solution to their financial problems. The important thing is to begin somewhere and getting professional advices ranks highly in the list of things to do. It is often helpful to rate our financial situation on a scale of one to ten with a rating of one being in a state of comfort and affluence and a rating of ten being in a state of hopeless personal insolvency. Continue reading
Teach yourself about IVAs
The purpose of these pages is to give basic and straightforward answers to queries that individuals want to pose on the subject of IVAs and insolvency in general but may avoid doing this for all sorts of reasons. Let’s begin with examining a scenario when somebody is preparing to get married but is concerned that their fiancé may perhaps be insolvent and that their insolvent fiancé’s creditors might seize their money after the wedding. Although love may be blind, it would be natural for partners to reveal to each other the state of their financial situation prior to getting hitched or even before beginning to co-habit. This is desirable simply because failing to reveal monetary troubles before starting to live together could lead to a failure of trust subsequently in the union in the event that one partner happens to be insolvent and their financial difficulties come to the attention of the other solvent party.
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Different Types of Personal Debts
We quite possibly have difficulties in differentiating between distinct types of consumer debt and banks can be less than useful in explaining these distinctions. One difference which is crucial to be familiar with is whether a particular liability is secured or unsecured. For example take circumstances where you are contemplating buying a car or some other type of motor vehicle. There are a wide variety of ways that you might use to pay for your new or second hand vehicle. If you have the available funds, you may pay wholly in cash. Then again you might purchase your vehicle through trading in your old car and paying the rest in cash. Continue reading
Solving Personal Debt Problems with Support from Europe
Most citizens of member states of the European Union (EU) are unaware of certain unexpected benefits that EU membership conveys in relation to personal insolvency. These benefits are rooted in the principle of the free movement of labour which EU citizens enjoy within the EU and are particularly relevant for those who find themselves overburdened by debt and threatened with aggressive insolvency proceedings in certain member states of the EU. Continue reading
Bankruptcy term length in Ireland
Justice Minister Alan Shatter recently circulated the specifics of the Civil Law (Miscellaneous Provisions) Bill which will provide the outcome of decreasing the term of bankruptcy in Ireland. Bankrupts according to the proposed new legislation will ‘enjoy’ guaranteed release from bankruptcy after twelve years but will be legally permitted to submit an application for release from bankruptcy after five years.
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Interested in an Individual Voluntary Arrangement
If you’ve got money troubles and believe that you could be insolvent, you should find out more about an Individual Voluntary Arrangement (IVA) and ways in which an IVA might make life much better. Bear in mind that undergoing money anxieties in itself isn’t sufficient to be eligible for an IVA. It is essential to actually be insolvent. That means that you have to be unable to pay the money you owe once they fall due and that if you were to put up for sale any resources you might have, such as a home, would most likely realise insufficient money to pay off your due debts, despite the help of your earnings. Continue reading
How do Individual Voluntary Arrangements work
Assuming you have money worries and feel that you could be insolvent, you may want to understand an Individual Voluntary Arrangement, generally referred to as an IVA, and how it could possibly benefit you. Being aware what an IVA is and knowing the IVA approach makes it easier if you need to come to a decision whether to participate in this process or try some other sort of viable solution with regards to your monetary problems. Continue reading