One of the most commonly asked questions when it comes to Bankruptcy is “how long does bankruptcy last?”. The standard length of bankruptcy in England and Wales is 12 months. However, the process may affect you for longer depending on your circumstances.
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How long will you be bankrupt for?
If you’re considering filing for bankruptcy, you’re likely curious about how long does bankruptcy last. Understanding the duration of bankruptcy is crucial for planning your financial future and embarking on the path to financial freedom.
In England or Wales, you will normally be bankrupt for 1 year (12 months). In other words, if you go bankrupt on the 1st March 2023, you will be discharged on the 1st March 2024.
After you are discharged, you are no longer bankrupt and the various restrictions you had to stick to are lifted.
Discharge from bankruptcy happens automatically after the 12 month period. You don’t receive any confirmation that it has happened.
You can check by searching for your details on the Individual Insolvency Register (IIR). The date of your discharge will be listed on this register for 3 months. After that your details will be deleted
How to get confirmation of your Discharge from Bankruptcy
If want confirmation of your discharge, you can request a certificate from the insolvency service. You will need to send an e-mail request to: Discharge.Queries@insolvency.gov.uk
You should include the following information in your e-mail:
- Full Name
- Bankruptcy Reference Number
- Date of Birth
- Current Address
- Address where you were living when you went bankrupt (if different)
Can the length of your bankruptcy be extended?
When it comes to working out how long does bankruptcy last, many people often wonder if bankruptcy can be extended beyond the initial 12 month period. The short answer is yes; it is possible for the length of your bankruptcy to be extended. This might happen if the Official Receiver applies to the court to suspend your discharge.
What is a Suspended Discharge?
The Official Receiver can apply for a court order to suspend the date of your discharge. This would mean that you remain bankrupt past the standard 1 year and until the Official Receiver is satisfied they have been able to complete their investigation.
This situation is unusual. It would normally only ever happen if the Official Receiver has been unable to contact you for some reason. Alternatively if they have contacted you but they believe you are hiding information from them.
It would be unusual for the length of your bankruptcy to be extended. As long as you co-operate with the Official Receiver, you will almost certainly be automatically discharged after 12 months.
What is a Bankruptcy Restrictions Order (BRO)?
In certain circumstances, the Official Receiver may decide that some of the restrictions that you are under as a bankrupt person should last longer.
If you have been researching how long does bankruptcy last, you might have heard of a Bakruptcy Restrictions Order (BRO). The Official Receiver can implement this by applying to the Court for a Bankruptcy Restrictions Order (BRO) against you.
If you receive a BRO, you still only remain bankrupt for 1 year. However, some of the rules you have to live by as a bankrupt person are extended. In particular, you are not allowed to:
- be the director of a company while the Order is in place.
- borrow more that £500 without first telling the lender you have a BRO.
Normally a BRO will last for an extra 3.5 years after your normal discharge date. However it could last for up to a maximum of 15 years in particularly serious cases.
Bankruptcy Restrictions Undertaking (BRU)
Before applying to the Court for a BRO, the Official Receiver will ask you if you will accept the extended restrictions voluntarily.
If you agree, you will receive a Bankruptcy Restrictions Undertaking (BRU).
The effect of a BRO and a BRU are exactly the same. However, if you accept a BRU voluntarily it will normally be a year or two shorter than a BRO issued by the Court.
How long will you have to pay towards your debts?
Now you’ve understood the question of how long does bankruptcy last, you may now be thinking about how long you will have to pay towards your debts.
Once you are bankrupt, the official receiver will do a review of your income and expenses budget. If you have any surplus income, you will be issued with an Income Payment Agreement (IPA).
If you get an IPA, you have to pay your surplus income to the Official Receiver for 3 years from the date it is issued.
This means that you will have to carry on making your payments after the date you are discharged.
The Official Receiver can issue an IPA at any time during the year you are bankrupt. If your income improves during the 12 months, you must tell them. They may issue you with an IPA at that time which will then last for 3 years from its start date.
When will your credit rating be back to normal?
The fact that you have gone bankrupt is recorded on your credit file.
The record will remain for 6 years from the start date of your bankruptcy. As a result, it will still show on your credit file after the date you are discharged.
Despite this, there are some actions you can take to start improving your credit rating as soon as your bankruptcy is over. One of these is to start using a credit repair credit card.
The record will come off your credit file completely on (or just after) the 6 year anniversary of the start date of your bankruptcy. At this time your credit rating will be clear. You should then be able to apply for credit as normal including getting mortgage with a high street lender if you wish.
Written by James Falla
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