A LOW-cost bankruptcy service is to be launched by the Irish Mortgage Holders Organisation.
Up to 5,000 people are expected to be declared bankrupt in the coming year following changes this week to the laws around the process.
Now David Hall of the Irish Mortgage Holders Organisation (IMHO) said his organisation will offer a service covering much of the cost associated with the form filling and other legal work.
The person seeking to be made bankrupt will still have to pay the cost of stamp duty and the official assignee’s fees, which are expected to amount to €650.
A new unit of the IMHO is to be headed up by solicitor Arthur Mullan.
Mr Hall said: “Bankruptcy can be a useful and important tool to help people who have unsustainably large debts start again and move on with their lives however it is not something that should be considered lightly or without professional advice. In many cases it may be possible to do a deal with your creditors without the need to become a bankrupt.”