New bankruptcy and debt laws?

[Clanrickard]

Bill Gates is the world's richest man. He was bankrupt 3 times yet each time he got up on his feet and started again. Americans see going bankrupt as almost positive and shows a desire to give it a go. In contrast there is a stigma in Ireland. Ditto mortgage payment. In the US you can walk away without the mill stone around your neck for the rest of your life. I feel that the laws and the culture of this country should well be changed to reward and encourage risk taking. If we are talking about permanent jobs that can't up stumps to Vietnam tomorrow morning, then getting local people to start businesses is vital and removing fear and stigma are important steps to getting more people to start out on their own.

[revereie]

I feel that the laws and the culture of this country should well be changed to reward and encourage risk taking.

Isn't it that mindset that got all of us including millions of Americans into the mess we're in ?

[Clanrickard]

Isn't it that mindset that got all of us including millions of Americans into the mess we're in ?

er.....no. It is the mindset that elevated us from the middle ages to technological advancement.

[slx]

Ireland's debt / bankruptcy laws are absolutely ridiculous. The fact that someone can go to prison for inability to pay a loan etc is possibly in breech of the European Convention of Human rights!

It's Victorian or Georgian law that needs to be scrapped and rewritten with modern needs in mind.

[Dios]

I agree, bankruptcy is meant to be the last course of action when no debts can be recovered for the foreseeable future. It should allow someone to get out from under onerous debt and make a fresh start. It should not be without penalties, even in the US you'll never get a loan again if you declare it, but still.

If someone was a bad loan risk, the onus is on the lender to verify that and ensure lending is a good idea. If they don't and lend anyway, that could be called predatory lending. If they do then something went badly wrong that was probably out of the hands of both parties, so permanent penalties might not be the best remedy.

Perhaps if it was dealt with on a case by case basis with that in mind.

[Middleaged]

I thought that under our system you could whip yourself off into the "loony bin", come out after 6 months and all debts written off by reason of "insanity".

[silvernut]

Bill Gates is the world's richest man.

He's actually the worlds 3rd richest man, according to Forbes.

He was bankrupt 3 times yet each time he got up on his feet and started again.

Amazing what having a rich daddy does for your propensity to take risks.

[Andrew49]

SOME 276 people were jailed last year for failing to repay loans to banks, credit unions and other financial institutions. One person was sent to prison for 90 days and the average sentence was 27 days.


276 jailed in 2008


People are given a criminal sanction for a civil matter !?!

[Aindriu]

Ireland's debt / bankruptcy laws are absolutely ridiculous. The fact that someone can go to prison for inability to pay a loan etc is possibly in breech of the European Convention of Human rights!

It's Victorian or Georgian law that needs to be scrapped and rewritten with modern needs in mind.

I agree 100% It is ridiculous in this day and age that defaulting on a civil debt can resultin commital to prison!!

[Clanrickard]

SOME 276 people were jailed last year for failing to repay loans to banks, credit unions and other financial institutions. One person was sent to prison for 90 days and the average sentence was 27 days.


276 jailed in 2008


People are given a criminal sanction for a civil matter !?!

Owning a builders providers let me tell you without this sanction many of my debtors would feck off and not pay me. What do you propose people do if someone just won't pay them?