New bankruptcy laws come into force later today.
The Justice Minister Alan Shatter is set to sign the commencement order at around midday.
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Under the new regime the time taken to exit bankruptcy will fall from 12 years to three.
There will also be a further two year period where the bankruptcy assignee can take half of a person’s income to repay creditors.
The cost of seeking bankruptcy will be cut in half by removing the need to place an ad in a paper – meaning the cost will be the €650 in court fees and €100 in stamp duty.
