James Treacy: It's time to accept that for many, their financial situation is hopeless
Back in March last year 'StubbsGazette', in association with Red C, conducted the most comprehensive survey to date of the state of personal insolvency in Ireland.
We found that nearly a quarter of a million households qualified for one of the three schemes on offer under the provisions of the new Personal Insolvency Act. Our estimate of close to 25,000 applicants in the first year of operations (which at this point would approximately equate to calendar year 2014) was considerably ahead of Minister Alan Shatter's own estimate of some 18,000.
But nowhere were our findings so stark as our projections in relation to bankruptcy where we forecast some 6,900 bankruptcies over the same period -- this coming off a base of just 143 bankruptcies in Ireland in 2013.