Frequently Asked Questions

How Does Bankruptcy Finish?

Bankruptcy lasts for 3 years and finishes automatically. You do not apply to be released from bankruptcy - it happens automatically at the end of the 3 years.

Bankruptcy can also be finished, if during the 3-year period all liabilities and costs of the bankruptcy are paid, or a Part 4 Scheme is approved by a meeting of creditors.

We are here to help. If you have any questions please give us a call on 1300 764 197 or email hello@understandingbankruptcy.com.au

Further Reading: For an insight into bankruptcy we recommend our article Wages, Super and Spending which can be accessed here.

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