Shorter term sees bankruptcy inquiries double

A large number of people in serious financial difficulty likely waited for changes to the country’s bankruptcy laws so as to take advantage of the newly introduced shorter term, according to a bankruptcy specialist.

Garry Clarke of legal firm bankruptcysolicitor.ie said the number of people exploring bankruptcy has soared since the reduction in the term to one year from the previous three-year regime, with twice as many enquiries seen in January compared to the previous month.

“The number of calls to our offices from people seeking bankruptcy assessment has doubled in January and that trend is continuing.