Will We See Forced Bankruptcy for Anyone With Debts Over €20,000?

W

Wishes

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Will we see forced bankruptcy proceedings for anyone with debts of over €20,000.00?

As I mentioned in other threads I was having problems with a debt management company. Long story short, I met with an insolvency company on Friday who recommended I move to the UK sooner rather than later.

I am currently paying tokens towards unscecured debt and paying interest only on mortgage.

Oddly enough, the insolvency company were more concerned about the unsecured debt than they were about the mortgage. They said that they did not believe that I could pay the unsecured debt back within a 5 year time frame. There was no talk of part write off of some of the debt etc.

I have been digging my heels in about the the prospects of moving to the UK but it seems there may not be much of a choice.
 
It's very unlikely that we will see creditors seeking to make debtors bankrupt, unless they believe that the debtor has assets.

The new legislation will facilitate the debtor rather than the creditor.
 
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