Yes – your credit file will be impaired for at least 7 years and the bankruptcy appointment will be listed on your file for at least 7 years.
You may also be asked in future credit applications (even after 7 years) if you have previously been bankrupt. The fact that you have previously been bankrupt may impair your ability to obtain credit in the future.
Bankruptcy will be listed on the National Personal Insolvency Index (NPII) for life. This index is maintained by ITSA.
Frequently Asked Questions
- Assets – what assets can I keep?
- Assets – can I buy an asset whilst I am bankrupt?
- Bankruptcy – what is it & how long is it?
- Bankruptcy – when should I declare bankruptcy?
- Bankruptcy – can the time period be extended?
- Business – can I trade a business as a bankrupt?
- Bank account – will my Bankruptcy Trustee close my bank account?
- Credit file – will my credit file be affected?
- Credit – can I incur credit after bankruptcy?
- Creditor calls – can creditors continue to call me after bankruptcy?
- Debts – what happens to debts incurred after bankruptcy?
- Debts – will bankruptcy clear all debts incurred before bankruptcy?
- Employment – will it affect my employment?
- Examinations – can I be examined in bankruptcy?
- House – will I lose my house?
- Income – will I lose any of my income in bankruptcy?
- Investigations – will any investigations into my financial affairs be made?
- Offences – can I be liable for any offences in bankruptcy?
- Tax – do I still need to lodge tax returns?
- Transactions prior to bankruptcy – can any transaction be clawed back?
- Travel – can I travel overseas?