(and I realise that the rules have always been there and there is no real change as such)
is that, the Insolvency Service should have announced that all of these changes were going to happen at a certain date and it would only be for people declaring bankruptcy after that date.
That way, a lot of people might have chosen a different debt solution such as an IVA, which would have safeguarded their home and wouldn't make them worry for nearly 3 years about whether their home would eventually be taken.
I don't think that it's wrong that bankruptcy will be harsh, and as RHB said, maybe they might change the AD time too, but I think people should have known what they were getting themselves into before.
I agree Viki, and I would have thought that it would make it easier for the examiners as well.
I've always thought it wrong that BR is sometimes (and I know not always) easier than an IVA, and for a long time I've thought that ED shouldn't be an option.
Question related to new legislation
Posted - 01 January 2011 : 14:27:16
