Burton hoping for overhaul of bankruptcy laws in New Year
The Social Protection Minister Joan Burton has said she hopes an overhaul of the personal insolvency law will be published early in the New Year.
The Justice Minister Alan Shatter is working on new legislation which would change the current sitaution where people are disqualified for a 12-year period when they are declared bankrupt.
Critics say the current law is "outdated and harsh".
Minister Burton said the changes will help people who find themselves unable to repay their mortgages.
Ms Burton said: "If you go in to do a deal with the banks, the person who bought the house has almost no power to force the banks to make a settlement of any kind with the individual.
"If you have personal insolvency legislation, individuals and families will have to make a decision as to whether or not the burden of debt is unpayable by them."
