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Number of bankruptcies increase here – ISI

Number of bankruptcies increase here – ISI

New figures published today show that so far this year, a total of 183 people were adjudicated bankrupt in Ireland.

The figures from the Insolvency Service of Ireland show that 2,323 people were adjudicated bankrupt from January 2014 to December 2018.

This compares to a total of 225 cases in the years from 2000 to 2013 – an average of 16 cases a year.

Christopher Lehane, the Official Assignee in Bankruptcy at the ISI said that, thankfully, the stigma formerly attached to bankruptcy is substantially gone.

He said the public now realise that those who can pay, do pay in bankruptcy and there is a robust regime to ensure that happens.

“From a debtor’s perspective they need to appreciate that while their credit rating is affected until they deal with their debts, in the norm after one year of bankruptcy, their debts are gone and they can start repairing their credit history. Bankruptcy works,” he added.

Bankruptcy is a formal, High Court process for people in debt over €20,000.

Before a person considers applying for bankruptcy, they must first have explored the alternative solutions to bankruptcy, which are contained in the Personal Insolvency Act 2012.

The Insolvency Service of Ireland encourages anyone with serious debt issues to contact a Personal Insolvency Practitioner.

All of the debt solutions overseen by the ISI, including bankruptcy, are designed to get a person back on track financially.

“If you enter into any of them, you will be solvent at the end of the process,” the ISI said.

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