The Insolvency Service of Ireland is gradually getting up and running – and today they are publishing guidelines on the amount of money debtors will be allowed to keep a reasonable standard of living.
At first glance the figures don’t sound too harsh – I am sure there are many people who are getting by on less than the figures in the guidelines.
For example – the guidelines say that a single adult , after debt repayments, will need to be left with €1029.83 a month to live on (exluding housing costs). Any debt relief proposal will not be able to force debt repayments that would leave them with less than that amount per month.
The guidelines will be used to work out how much money a person will need to live on after servicing their debts. They only come into play where someone is applying for one of the debt write off options contained in the new Insolvency Regulations.
There is a much better explanation of it all here … Reasonable Living Expanses and Insolvency