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It is of public interest that The Royal Institute of Chartered Surveyors in association with the Ulster Bank Residential Property Division has recently released a report stating the success of the Northern Ireland residential property sector. This report also presents to the public the numerous problems that the success of the Irish properties has brought to light.

The Royal Institute of Chartered Surveyors and the Ulster Bank Residential Property Division stated that almost all the surveyors working in the residential property sector thought the prices for property have gone higher this year. The Nationwide Building Society has revealed to the public that strong local demand and national and international demand for investment property in Northern Ireland is causing the prices to go up.

For the past six years, residential real estate prices have constantly increased, so the statistics are very positive regarding the Irish properties. The result of this is the fact that more first time buyers are now being priced out of the market in certain popular areas of the country. The difference between the average price of a house in Northern Ireland compared to the medium price of property in England is getting smaller and smaller, thus adding to the out pricing of the buyers.

Speaking about the suburbs of Southern Belfast, one can see that the prices for Irish properties are getting so high so fast, that the first time buyers cannot get onto the property ladder and afford them. One explanation can be the fact that some of the buyers are property investors capitalizing on the lack of money of the people. And this is not at all a good thing! Because fewer people can now afford to buy their first home, these property investors have found that there is a growing requirement for rental property on the Irish property market and are now buying, in order to meet market demand. This can only make the affordability problem get from bad to worse!

So, no matter the problem of these first time buyers, the success of the residential Irish property market seems to continue in the following years. The only solution for these people would be to try to find some properties abroad that they can afford. Nothing can stop the increase of the prices in the suburbs of Northern Ireland. Price gains can't be sustained and the demanded prices can't be met either.

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Many individuals who are stuck in a bad credit situation resort to bankruptcy to be free from their charges. But since the amendment of the bankruptcy law in 2005, those who wish to declare bankruptcy must first go through a set of requirements. This article aims to give you bankruptcy facts that you need to know before filing or before deciding to declare bankruptcy.

Requirements on Bankruptcy Filing A person who wants to file for bankruptcy must first go through a credit counseling course with a government accredited credit counseling agency before submitting his application. This is a big difference because in the past years, anyone can simply file and wait for approval.

Today, you need to take up credit counseling at least six months before filing. In addition, the credit counseling agency would be the one to decide whether or not bankruptcy is recommended in your case.

What is the purpose of this new rule? It is to lessen the bankruptcy cases filed by people who just want to escape from their responsibilities. By going through a credit counseling course, other alternatives can be taken to help a person pay back his creditors and get out of debt without the need for bankruptcy.

Bankruptcy and Bankruptcy Attorneys Another major change is that a bankruptcy applicant must hire a bankruptcy attorney to help him prepare all the documents. Lawyers are given the obligation to fill out all the documents required by the state with accurate bankruptcy information.

Furthermore, lawyers are now accountable for the accuracy and correctness of the information provided in the documents. With this added task and responsibility, many bankruptcy attorneys have also raised charges for their services.

Chapter 7 or 13? What if you are qualified to file for bankruptcy after completing the credit counseling course? Can you choose the type of bankruptcy to file? Before the new law has been passed, a bankruptcy applicant decides whether he's filing for a chapter 7 or chapter 13 bankruptcy. Most applicants choose a Chapter 7 because it discharges the debtor from all debts while a Chapter 13 puts a debtor under a repayment plan.

Since the new law was approved, a debtor must now submit to the "income means test" or an income calculation test to determine which chapter of bankruptcy he will qualify for. If your income falls below the state's requirement, you have proven your inability to pay your debts and therefore, you'll be eligible for a chapter 7.

On the other hand, if your income is above the standard requirement, you will have to submit to a five-year repayment program. During this period, a certain percentage of your monthly income will be automatically deducted from your account and this sum will be given to your creditor as repayment for your debts.

Yes, the new law has imposed limitations and restrictions for those who want to file for bankruptcy. The good thing about it is that people are given the chance to find other alternatives to their debt problem with the help of credit counseling. In most cases, these alternatives are better than immediately resorting to bankruptcy.

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Both Dalvin Rumsey & Liz Roberts are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Dalvin Rumsey has sinced written about articles on various topics from Finances, Pets and Recreation and Sports. Buyer Magazine - First Time Buyers -

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