The difference between the two jurisdictions is stark: in Ireland, bankrupts may be faced with up to 12 years of financial purgatory.
If you fall into the latter category, you might be required to make financial amends for up to 15 years.Indeed, the new approach hardly leaves bankrupts flush with spare cash; it will reduce them to penury, even as it gives them a second chance more speedily.
And some households may just be waiting for April 1st before sorting out their debt troubles.Under current law, bankrupts must wait for three years before their debts are "discharged", or erased.
The new Russian government was a gang of "bankrupts".
"Even if it bankrupts me, I will expose the abuses of power," he said.
Many bankrupts need time to get back on their feet.
In Germany bankrupts can face a lifetime ban on senior executive positions at big companies.A second important hurdle is finance.
While bankrupts blame the prime minister for the austere economic climate, the markets worry that he is not austere enough, and is prepared to sacrifice financial stringency for political expediency.
America's generous treatment of corporate bankrupts has been widely abused by common spendthrifts—so much so that Congress tightened the law in 2005 to restrict access to the system.
Back in the 1830s one of the things that most struck Alexis de Tocqueville about the country was "the strange indulgence which is shown to bankrupts", which, he said, diverged "not only from the nations of Europe, but from all the commercial nations of our time".
Cash and loans flowed freely between Daewoo subsidiaries regardless of shareholder interests and so, if any one of the creditors calls in loans and bankrupts a Daewoo company, it could pull the whole lot down.Finding buyers for Daewoo's businesses will be hard too.
