If you've chosen to declare bankruptcy, you might be wondering how long the effects of that decision will follow you.
Bankruptcy duration starts on the day the bankruptcy order is made, and continues until that bankruptcy has been discharged.
Understanding bankruptcy duration
Usually, bankruptcies are discharged about one year or less after the order is released. The Official Receiver decides if the one year bankruptcy duration is appropriate for the debtor.
The court has the right to decide if the bankruptcy duration should last longer than one year, if the bankrupt hasn't complied with obligations.
Some restrictions mean bankruptcy duration can last up to a maximum of 15 years in some cases.
The court also has the right to annul a bankruptcy order if it appears that the order shouldn't have been made. This can also happen if all the debts have been paid or secured.
Bankruptcy duration is a personal matter that changes for each person who declares bankruptcy. However, bankruptcy duration can often last longer than you might expect and can have a negative effect on your life.
It's important to find advice on your personal finances to determine whether declaring bankruptcy is the right option for you.
More bankruptcy services
Before you declare bankruptcy it's important to consider bankruptcy duration and when your bankruptcy will be discharged.
Bankruptcy can follow you long after you've declared it, especially if you're looking to apply for a mortgage or other large loans. Before you file for bankruptcy make sure you have attempted all other solutions to solving your debt.
Contact Legal Advice Helpline on 0800 612 3042 to learn more about debt management and debt services.