A welcome lifeline for the indebted
THE publication of the new Personal Insolvency Bill should be welcomed. While it cannot be seen as cure-all for our financial ills, it is a step in the right direction for those who are suffering financially.
Considering how difficult the past four years have been for so many people, its publication is long overdue. Struggling homeowners and those with debts they cannot repay have been given a lifeline by the bill. By offering the means of writing off some unavoidable debt accumulated over the past few years, people have the opportunity to get back on their feet.
The fact that the bill will allow certain mortgage-holders to have their debts written off is a significant step for thousands who find themselves in distress.
Bankruptcy is to last no longer than three years, instead of 12. Recognising that it should not be a life sentence means that we are moving forward.