Personal Insolvency and Bankruptcy Seminars to be Held Nationwide for People Struggling with Mortgage Arrears and Debt

June 21, 2013  |   Seminars   |     |   0 Comment

Personal Insolvency and Bankruptcy Seminars LaunchLynch Solicitors are hosting a series of free “Personal Insolvency and Bankruptcy” seminars in Tipperary, Kilkenny, Portlaoise, Waterford, Cork and Limerick in June and July.  The first seminar will take place next week in the Horse and Jockey Hotel, Thurles, Co. Tipperary on Tuesday, 18th June at 8.30pm followed by Hotel Kilkenny on Thursday, 20th June at 5.30pm.  The seminars will then be held every Wednesday evening at 5.30pm in the Portlaoise Heritage Hotel on 26th June, the Tower Hotel Waterford on 3rd July, the Cork International Airport Hotel on 10th July with the last seminar of the series taking place in the Castletroy Park Hotel, Limerick, on 17th July.  Speakers will include John M. Lynch, Principal at Lynch Solicitors, Andrea Gleasure, Solicitor at Lynch Solicitors, Gillian McCarthy, Accountant at Lynch Solicitors and Dr. Maeve Martin, Clinical Director, InForm Psychological Services.  Those who attend the seminars will have the opportunity to learn about the Personal Insolvency Act 2012 and how it will work in practice in terms of relief options for those with mortgage arrears and other debt.  The significant new measure under the Act to reduce the bankruptcy period from 12 years to 3 years (or in some cases 8 years) will also be discussed at the seminars.

John M. Lynch, Principal at Lynch Solicitors, will speak about the new measures under the Act at the seminars.

Help appears to be on hand for those saddled with large personal debts.  The Personal Insolvency Act 2012 will go some way to allowing those who are drowning in debt find a workable solution.  All strategies of postponing debt by deferring interest or capital payments are no longer a realistic approach and it is now time to deal with debt management in the context of long-term debt with long-term solutions.  Under the Act, Personal Insolvency Practitioners (PIPs) will be appointed, licensed and regulated to help people entering into a Debt Settlement Arrangement or a Personal Insolvency Arrangement.  The PIPs will be qualified solicitors, barristers, accountants or financial advisers who will be supervised by the Insolvency Service of Ireland, which is due to begin accepting applications in the coming months.  The PIP will form the link between the debtor, the Insolvency Service, the creditors and the Courts.  Due to the criteria within the Act the options will be available to many people who are struggling with mortgage arrears or other debt.

Andrea Gleasure, Solicitor at Lynch Solicitors, will address the banking areas within the Act at the seminars.

The Mortgage Arrears Resolution Process (MARP) procedure was introduced by the Central Bank of Ireland to deal with situations where a borrower is in difficulty in meeting their mortgage payments.  While this process exists independently of the Personal Insolvency Act 2012, people with mortgage arrears need to be aware of MARP’s five-step process.  For those people entering into a Personal Insolvency Arrangement under the Act a major concern will be whether they will be allowed to continue to live in their family home.  The Personal Insolvency Practitioner, in so far as reasonably practicable, will ensure that people are not asked to sell or move out of their family home without their agreement.

Gillian McCarthy, Accountant at Lynch Solicitors, will discuss the financial preparation required at the seminars.

For those wishing to avail of the new provisions under the Personal Insolvency Act 2012 one of the preliminary steps in doing so will be the completion of a Prescribed Financial Statement, which will form the cornerstone of any application made.  The purpose of the Prescribed Financial Statement is to give an accurate written account of all assets, debts, income and expenditure so that a true reflection of the financial position of the person seeking relief is outlined. This will enable the Personal Insolvency Practitioner to then recommend different options for dealing with the outstanding debts and to recommend which arrangement, if any, under the 2012 Act would be suitable.

Dr. Maeve Martin, Clinical Director, InForm Psychological Services will be speaking about the psychological strain people who are struggling with debt are facing.  The natural law is maintaining balance – mental, physical and with the Universe.  Many people today have lost this balance through the stress of modern living.  By learning how to identify the stress triggers in our lives we can develop coping mechanisms and increase our tolerance for stress and hardship.

Dr. Martin will be discussing the area of psychological needs and stress management at the seminars.

Register for the Free Seminars

We, at Lynch Solicitors, have added new services to help clients deal with personal insolvency issues and will be applying for registration as PIPs (personal insolvency practitioners).  The “Personal Insolvency and Bankruptcy” seminars are FREE to attend.  To register contact Lynch Solicitors at 052-612 4344 / Freephone 1800 750 850 or email reception@lynchsolicitors.ie.

Comments are closed.