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News and legal publications by the team at Lanigan and Clarke Solicitors in Letterkenny and Dublin. If you would like to find out more about any specific legal area, get in touch today via our contact page

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Articles tagged with: bankruptcy Ireland

12 November 2015

Legislation To Cut Bankruptcy Term To One Year Imminent - Says Taoiseach

Posted in Legislation Updates

Legislation To Cut Bankruptcy Term To One Year Imminent - Says Taoiseach

Legislation to reduce the bankruptcy term from three years to one year will be in place by the end of the year, Taoiseach Enda Kenny has said. Mr Kenny has told the Dáil that the Government has accepted the need to reduce the term from the recently introduced three years to one year.

29 September 2015

MABS To Get New Tools To Aid Homeowners

MABS To Get New Tools To Aid Homeowners

Struggling homeowners will soon be able take advantage of one of the 27 special Money Advice and Budgeting Service (MABS) outlets nationwide and will also be able to consult with court “mentors” during hearings. The Department of Social Protection is increasing the ability of MABS to assist distressed mortgage holders through a number of different measures including a greater role in offering information and advice through all stages of the mortgage arrears resolution process (MARP).

New measures to help those in debt

The new measures will also target dedicated mortgage arrears, focusing on cases which have been through MARP. This will help the mortgage holder to assess whether the option on offer from the lender is the “best and most sustainable option”. They will also be able to negotiate with the lender on behalf of the client where required.

28 September 2015

Oireachtas Justice Committee recommend Bankruptcy Term should be cut to 1 year

Posted in Legislation Updates

Oireachtas Justice Committee recommend Bankruptcy Term should be cut to 1 year

The Oireachtas justice committee has recommended that the bankruptcy term should be cut from three years to one year. The move puts pressure on the Coalition to act on the issue as its previous move to reduce it to three years from 12 years was widely criticised as not going far enough. The justice committee also left open the option for some bankruptcies to be extended to three years.

16 March 2015

Top 5 Questions asked in Bankruptcy Cases

Posted in Legislation Updates

These are the top 5 questions asked by clients when considering Bankruptcy:

Top 5 Questions asked in Bankruptcy Cases
Myth 1: “Bankruptcy can’t save your home from repossession…”

You may not necessarily lose your family home in bankruptcy. You may be able to agree a schedule of mortgage payments with your bank and the Official Assignee, where such payments are within the Reasonable Living Expenses approved by him.

If there is no equity in the family home there is no immediate interest for the Official Assignee to sell. However, if the spouse or civil partner wishes to purchase the interest of the Official Assignee, the Official Assignee in determining the purchase price will have regard to the value of the property, the amount of negative equity,  how long the property may remain in negative equity and any other relevant matter.

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