Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Mr. Maguire has put forward bankruptcy as a more attractive option than many people would have seen it as being up to now. That is a very important debate to have because with the discharge period being reduced significantly under the legislation, it is now an option for many people. There is the stigma of becoming a bankrupt, but I agree with him that as a country we have to get over that and be more mature. The reason people are so anxious to fight for their life to hold on to their home, whether it be by restructuring the mortgage or avoiding bankruptcy, if that means they would lose their home, is that they are afraid they will never get credit again. That will become an issue in the next decade or so when all of this washes itself out and people have had write-offs, an insolvency arrangement or bilateral arrangement with their bank. What are their prospects of ever buying a home again and getting credit? That is the reason I believe many people are fighting for their life to hold on to what they have, even if it means accepting what is not a great deal from the bank.