Penrose bill promises to give bankrupts a fighting chance
There is one thing that may halt the growing numbers of threatened home repossessions this year - TD Willie Penrose's private member's bill on bankruptcy. Right now the banks are not budging on deals, preferring instead to evict and punish the defaulting homeowner. This bill has the potential to twist the gun pointed at the homeowners' heads back at the banks - forcing them to deal practically with each situation and possibly saving some 30,000 families from the ultimate stress of losing their home.
People don't want to be bankrupt. Nor do they want to lose their homes.
However, until now the banks did not have to listen to their customers. They had the monopoly on the conversation and the deals. But if Mr Penrose's bill makes it through the Dáil, then he could save a whole lot of misery across the country.