70% increase in debt solutions in 2015
The insolvency Service of Ireland (ISI) recently released some interesting statistics on debt solutions for 2015. They report almost 1700 permanent solutions for debtors:
- 479 bankruptcy
- 641 Personal Insolvency Arrangements,
- 221 Debt Settlement Arrangements,
- 346 Debt Relief Notices
This translates to 70% more debt solutions in 2015 when compared to 2014.
Commenting on the statistical report, Mr. Lorcan Oâ€™Connor, Director of the ISI, said that
â€œthe number of people availing of the debt solutions available through the ISI continues to grow.Â There were a number of important developments in 2015 including the increase in the Debt Relief Notice threshold to â‚¬ 35,000; the extension of the waiver of all ISI fees; the introduction of a court review of rejected Personal Insolvency Arrangements involving the family home and the reduction of the normal duration of bankruptcy to one year.Â This augurs well for 2016.â€
Talk to our experts in personal insolvency for more information.