For most filers, a Chapter 7 case will end when you receive your discharge—the order that forgives qualified debt—about four to six months after filing the bankruptcy paperwork. Although most cases close after that, your case might remain open longer if you have property that you can’t protect (nonexempt assets).

What does it mean when a Chapter 11 bankruptcy is discharged?

In a Chapter 11 case filed by an individual (i.e., a natural person), a discharge is granted by the court separately, after the completion of payments under the plan. A discharge is a court order relieving the debtor from liability for certain debts.

Information pertaining to bankruptcy remains on an individual’s credit file for 6-7 years following discharge of a first-time bankrupt.

How long does a bankruptcy stay on your credit report?

Bankruptcies will remain on a credit report for seven to 10 years, depending on if Chapter 7 or Chapter 13 was filed (as opposed to the date the debts were actually discharged). Chapter 13 bankruptcy is deleted from your credit report seven years from the filing date.

How long does bankruptcy stay on the public register?

This is when the details of your bankruptcy are normally removed from the public Individual Insolvency Register. However if the official receiver found you acted dishonestly or irresponsibly they may apply bankruptcy restriction undertakings (BRU) which will mean your bankruptcy stays on the public register for longer.

How long does it take to get discharged from bankruptcy?

Upon the expiry of the advertisement, the Official Assignee will adjudicate the claims filed against the bankrupt’s bankruptcy estate before forwarding the debt settlement proposal to the bankrupt’s creditors for their consideration. The process generally takes at least six months, and varies according to the complexity of each case.

Do you have to keep your bankruptcy records?

There’s no legal mandate requiring you to keep your bankruptcy paperwork after your debts are discharged. When you successfully complete bankruptcy, it’s as if your debts never existed. Even after bankruptcy, you may be stuck with zombie debt rising from its grave.