Experts claim number filing for bankruptcy will double prediction

Financial experts are predicting that the number of people filing for bankruptcy this year will be double that predicted by the Government.

Speaking as its Irish bankruptcy Guide 2014 is launched, debt restructuring expert with Neo Financial Paul Carroll said only 5% of clients that he is acting for will now apply for insolvency, with the remainder opting for bankruptcy, or voluntary arrangements, which they believe is more suitable and an easier process.

Mr Carroll said that while the Government and Insolvency Service of Ireland (ISI) predict there will be 15,000 insolvency cases and 3,000 bankruptcy cases this year, he believes this is going to be the opposite.