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How Long Does Bankruptcy Last?
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According to the Australian Financial Security Authority, the length of your bankruptcy will generally last for the following:
- If you declare for bankruptcy, it generally ends 3 years and 1 day from when your bankruptcy is accepted.
- In the case of when a creditor makes you bankrupt, it normally ends 3 years and 1 day from when the Australian Financial Security Authority accepts your statement of affairs.
Can I annul a bankruptcy early?
It is possible to apply for your bankruptcy to be annulled. This process may involve paying your debts in full, making an offer to creditors or applying via the courts.
Declaring bankruptcy can have long term repercussions. If you’re looking for help with bankruptcy, give us a call – Find your local number here.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
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