How long does bankruptcy stay on your credit report?

Bankruptcy will show on your credit report for six years from the date it starts. This can be extended if the bankruptcy lasts longer than the initial period.

Your bankruptcy will be listed on the Public Insolvency Register for the duration of your bankruptcy and for up to three months after.

What happens when bankruptcy ends?

Once the bankruptcy ends, you’ll be discharged, which means you’ll no longer owe the debts included in your bankruptcy (unless they were obtained fraudulently), and any restrictions will be lifted unless the official receiver has added any restrictions.

After discharge, bankruptcy will remain on your credit report. It will be removed six years after the date of your bankruptcy, and it will no longer be viewable. However, some lenders may ask if you’ve been bankrupt in the past, and you must answer truthfully.

The details of your bankruptcy will usually be removed from the Public Insolvency Register three months after it ends.

Creditors look at your credit report when you apply for products and may be reluctant to accept you if you have bankruptcy listed on your credit report.

It’s best to wait until your bankruptcy has been completely removed before you start applying for credit again to ensure you don’t further impact your credit rating. Once it’s removed, you should be able to start rebuilding your credit rating.

Can I cancel my bankruptcy?

Yes, you can apply to have your bankruptcy cancelled if one of the following applies:

• All of your debts and the fees for your bankruptcy have been paid in full.
• You’ve set up an IVA (Individual Voluntary Arrangement) with your creditors instead.
• The bankruptcy shouldn’t have been granted in the first place.

Before you apply for bankruptcy, consider how long it stays on your credit report and how it could impact you, your situation, or your job. There are a number of alternative debt solutions, such as an IVA or Debt Management Plan, that may be better for you, so it’s a good idea to explore all the options before you choose.