Kerry TD calls for shorter bankruptcy period

A Kerry TD wants the bankruptcy period to be reduced. The matter was raised in the Dáil by Independent Kerry South Deputy Tom Fleming. Kerry TD Tom Fleming Deputy Fleming asked Justice Minister Frances Fitzgerald to reduce the bankruptcy period from three years to one. He says this will encourage entrepreneurs back into business as soon as possible after bankruptcy. Otherwise, the Kerry South TD added, these people are locked out of the system for three years. In 2012 the bankruptcy period was reduced from 12 to 3 years as were the costs of declaring bankrupt. The Justice Minister said the Government agreed a series of further measures to support borrowers struggling with unsustainable mortgage arrears including a major reform of the personal insolvency legislation. The relevant amending legislation is a priority for Government which will reflect the fundamental principle that loss of ownership of a family home through repossession should be a last resort.