| How long will I be in bankruptcy? |
|
A first time bankruptcy is at minimum a nine month process. If there is no Surplus Income a first time bankrupt would be eligible for discharge nine months plus one day from the date the bankruptcy was filed. In order to receive your automatic discharge you must complete the requirements of the bankruptcy and no Creditor can oppose your discharge. If you do not complete the requirements of the bankruptcy you would remain in bankruptcy indefinitely until the requirements were completed.
A first time bankrupt with surplus income will be eligible for an Automatic Discharge 21 months plus one day from the date the bankruptcy was filed. In order to receive your automatic discharge you must complete the requirements of the bankruptcy and no creditor can oppose your discharge. This includes making all of the required surplus income payments. If you do not complete the requirements of the bankruptcy you would remain in bankruptcy indefinitely until the requirements were completed. A second time bankrupt with surplus income would be eligible for an automatic discharge 36 months plus one day from the date the bankruptcy was filed. In order to receive your automatic discharge you must complete the requirements of the bankruptcy and no creditor can oppose your discharge. This includes making all of the required surplus income payments. If you do not complete the requirements of the bankruptcy you would remain in bankruptcy indefinitely until the requirements were completed. An application for discharge for a third time bankrupt must be made through the Court. The bankrupt would receive a suspended discharge. A third time bankrupt would likely receive a suspension of at least 3-5 years. The circumstances of the bankruptcy and the conduct of the bankrupt would determine the length of the suspension. |