Bankruptcy is the gamechanger to force the banks’ hands

By understanding what bankruptcy is, and how it works, people can escape from an impossible debt burden and get on with their lives, says Ross Maguire

UP TO last year the only legal option for a borrower in distress in Ireland was to beg for mercy.

The troika recognised this and demanded that the State introduce modern insolvency laws providing for debt resolution for ordinary people. Former US president Bill Clinton had pointed to this as far back as 2009.