The bankruptcy process: Irish Times look under the hood

The Irish Times did the second installation of a person going through bankruptcy today.

Of note is how quick and effective it is on the day, the process is not surrounded with doom or darkness in terms of how the judge deals with people, it is humane, and brief, something to be commended as so much of the road to court 6 is paved with fear and harsh treatment.

We think Conor Pope did a good job of looking into a bankruptcy from start to finish, and wish to thank him for it.

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Bankruptcy fees increase

It is really unfortunate that upon bringing out new rules on bankruptcy that the cost of doing it went up! The costs will now be €650 for the official assignee (stays the same)  stamp duty of €190 (almost doubles),  €20 affadavit fee, then €50 to athe petition in ‘Iris Oifigiuil’.

The rump of the increase is in the stamp duty at the examiners office, this used to be €80 now it’s more than double that amount. The problem with this is that many people going bankrupt are on welfare and there is no simple path in some cases towards people on the dole being able to raise this money.

We have yet to see a case where it was impossible, often it means borrowing from relatives or getting friends to help out, selling a car or some other asset, but raising the costs just makes it that little bit tougher on people and means there is less money to pay for professional advice, something many of them would do well to obtain.

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