The Personal Bankruptcy Act 2012 itself was signed into law by President Higgins on 26th December 2012.

The Act introduces 3 new debt resolution mechanisms to help mortgage-holders and other people with unsustainable debt to reach agreements with their creditors.

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1. Debt Relief Notice (DRN)
2. Debt Settlement Arrangement (DSA)
3. Personal Insolvency Arrangement (PIA)
4. Bankruptcy

Summary of Mechanisms

The Act will also introduce automatic discharge from bankruptcy, subject to certain conditions, after 3 years as opposed to 12 years at present.