Bankruptcy costs sees dramatic fall to €270

Bankruptcy costs sees dramatic fall to €270

The cost of applying for bankruptcy has fallen dramatically in the past year to €270, down from €1,400 euro in 2013.

The Insolvency Service of Ireland (ISI) is publishing its annual report for 2014 today, which shows it is dealing with debt of almost €1.5bn.

The approval rate for personal insolvency arrangements dealing with mortgage debt and aiming to keep the debtor in their home increased by 148% in the last three months of 2014, compared to the rest of the year combined.

In total, the ISI dealt with almost 1,000 cases last year.

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