All,
I thought I'd share the outputs of a meeting I had with Willie Penrose T.D. at his clinic last Friday. My 2 key topics for discussion were:
The likelihood of the term reduction to 1 year and is so, when?
What impact the legislation will have on the Payment Order?
Term
In his own words, the term is 95% sure to be written into legislation.
From a labour perspective, this is a red letter issue - with both Brendan
Howlin and Joan Burton strongly behind it. There's also strong support
from Sinn Fein and the independents. As to when, "it will be
in legislation by Halloween".
Payment Order
The bill he drew up does not affect the Payment Order legislation. So he had
very little to add here. So I did some more digging through some contacts of mine,
one of them being a consultant who helped set up the ISI through his current
employer, a debt solutions consultancy.
The current legislation bankruptcy is 3 years with an income attachment
order of 5 years, so if an individual is earning more than the
“Reasonable Living expenses” he/she will be
discharged from bankruptcy after 3 years but will have to make a
contribution to the Official assignee for a further 2 years.
If he was not earning above the RLE’s the is generally no
attachment order so debtor is discharged after 3 years.
With the introduction of the reduction in term,
the debtor will be required to serve 6 months to close out,
so could be discharged at 24 months if it was today.
Finally and most importantly, Willie Penrose highlighted the need for
continued lobbying of your local TD's on the issue. The more weight
there is behind this, the better.
I would urge you all to consider this.
Kind regards
Mike
I thought I'd share the outputs of a meeting I had with Willie Penrose T.D. at his clinic last Friday. My 2 key topics for discussion were:
The likelihood of the term reduction to 1 year and is so, when?
What impact the legislation will have on the Payment Order?
Term
In his own words, the term is 95% sure to be written into legislation.
From a labour perspective, this is a red letter issue - with both Brendan
Howlin and Joan Burton strongly behind it. There's also strong support
from Sinn Fein and the independents. As to when, "it will be
in legislation by Halloween".
Payment Order
The bill he drew up does not affect the Payment Order legislation. So he had
very little to add here. So I did some more digging through some contacts of mine,
one of them being a consultant who helped set up the ISI through his current
employer, a debt solutions consultancy.
The current legislation bankruptcy is 3 years with an income attachment
order of 5 years, so if an individual is earning more than the
“Reasonable Living expenses” he/she will be
discharged from bankruptcy after 3 years but will have to make a
contribution to the Official assignee for a further 2 years.
If he was not earning above the RLE’s the is generally no
attachment order so debtor is discharged after 3 years.
With the introduction of the reduction in term,
the debtor will be required to serve 6 months to close out,
so could be discharged at 24 months if it was today.
Finally and most importantly, Willie Penrose highlighted the need for
continued lobbying of your local TD's on the issue. The more weight
there is behind this, the better.
I would urge you all to consider this.
Kind regards
Mike