Not an easy way out

BANKRUPTCY is a word that strikes fear in the heart of Irish people — perhaps unnecessarilyin some cases — the stigma alone making it appear to be the worst possible option.

However, the personal insolvency schemes are simply not going to give a solution to everyone, and some will resort to bankruptcy.

Bankruptcy is now much more attractive, with the duration cut from 12 years to three years. That opens the possibility of someone going from debt-laden to debt-free within three years, though obviously with a loss of property and assets.