Monday, May 19 12:55:43
Today will see a record number of bankruptcy cases brought to the high court in one day.
NEO Financial Solutions alone will see 11 clients go through bankruptcy and mark the end of the road for the stress caused by excessive debt over the past 7 years.
Paul Carroll, joint owner of the business with Jane Carroll said: "their life can now restart without the fear of the phone ringing or the sight of the postman at the door."
"When people are declared bankrupt all of their debts are gone that day. They walk out of the court debt free and the creditors are no longer allowed to make contact with them. They are free to restart their lives."
"All of our clients have been under tremendous stress and this is the end of the debt road for them. They can put the stress and the health issues which come with debt behind them. This is not only good for the debtors but it is good for society as a whole," said Jane Carroll.
With the 11 cases today NEO Financial has handled over 40 bankruptcy cases since the new bankruptcy laws were introduced earlier this year making NEO Financial the largest independent provider of bankruptcy services in Ireland.
The 11 cases today brought a total of E7.8m debt to the bankruptcy court of which E6.7m (85pc) was mortgage debt and E1.1m (15pc) unsecured debt.
Of the mortgage debt of E6.7m, E4.7m (70pc) will have to be written off by the banks.
All of the unsecured debt of E1.1m was written off.
Of the 11 people who declared bankruptcy today, 2 people had already surrendered their home, 2 people are still in their home but expect to lose it in the future and the remaining 7 will all retain their family home.