Saturday 18 November 2017

New bankruptcy laws aren't sole panacea to ills of heavy debts

Some 110,000 homeowners had their mortgage accounts restructured by the end of last September
Some 110,000 homeowners had their mortgage accounts restructured by the end of last September

THE new, more relaxed, rules on bankruptcy are set to be a panacea for many homeowners overwhelmed by debt.

There is nothing to fear about bankruptcy except the word itself; this the constant refrain of senior counsel Ross Maguire of New Beginning.

Mr Maguire and his group are admirable advocates on behalf of distressed borrowers. He has correctly pointed out that the very threat of bankruptcy from homeowners may be enough to force banks to come to their senses and push them into offering better deals to those unable to meet their debts.

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