2007-01-12 04:53:19 · 19 answers · asked by simple 1 in Business & Finance ➔ Personal Finance
7 years
2007-01-12 04:54:47 · answer #1 · answered by Anonymous · 1⤊ 1⤋
If this is in the UK then there are various stages to this.
1) you will be classified as "a bankrupt" for at least 12 months - highly likely to be longer as you were bankrupt before - doesn't matter when.
2) after the 12 months or more, you are "discharged" - the official receiver that has been assigned to handle your affairs should tell you all of this.
3) even after discharge, the fact that you have been bankrupt AND discharged when that occurs will remain on your credit file for 6 years from the date of the bankruptcy (not the discharge).
Also - can people PLEASE be a little more compassionate. The reasons for bankruptcy are varied and on many occasions the last resort for some people.
2007-01-12 13:02:45 · answer #2 · answered by MPatrinos 3 · 2⤊ 0⤋
A lot of people giving different answers once again because the asker has not specified which COUNTRY they live in!!!
I can only speak for the UK, but a bankruptcy (assuming it is granted) now only lasts for a year before being discharged. It used to be longer, and depending on individual circumstances can be longer before a discharge is given - it depends on the offical receiver. This assumes just ONE bankruptcy though. One is unfortunate (I've done it myself) but two is just plain careless, and I'm not sure how the law views things like this. Twenty years is a long time though, so I don't see any real problems why it wouldn't be granted a second time, but don't quote me on that - it is still up to the judge to sign and stamp that bit of paper - he doesn't have to!
2007-01-12 13:08:58 · answer #3 · answered by Mental Mickey 6 · 0⤊ 0⤋
10 years but, after 1 year you can start to try and rebuild credit. After 2 to 3 years it will be much easier to get credit and so on. I know I went bankrupt 5 years ago and last year we bought a house, bought a new car after 2 years also got credit cards after 2 years. So it really is not bad as it seems the only real difference is you pay a higher interest rate than others. So if you are okay with that than it is not so bad. Good luck to you.
2007-01-13 09:06:04 · answer #4 · answered by liljeanni1971 1 · 0⤊ 0⤋
I can't believe your going bankrupt again. It's normally 7 years but it might be longer if it's the second time round. The government are looking to double the length of time it stays on record to prevent people seeing it as a solution to their overspending.
2007-01-13 08:33:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends on each individual case but Beanco is right, between 2-5 years. As for some of the comments people are placing, ignore them. Lets just hope for their sake that they don't ever loose their jobs or fall ill or any of the many reasons bankruptcy happens to people.
2007-01-12 13:00:51 · answer #6 · answered by Goatie 3 · 3⤊ 1⤋
Used to be 7 years, now you will feel the impact for at least 10 years. Also your burden will be much greater, with the revised laws that Bush passed in October 2005.
2007-01-12 12:59:28 · answer #7 · answered by greeneyedjak 1 · 3⤊ 0⤋
Shame on you. Hard working people consume the debt of people like you. You need to be more responsible. You did not learn from your mistakes so now you have repeated them. You need to live within your means. Work harder and spend less. It will last as long as you are allowed to get away with irresponsiblity. Shame, shame. Grow up.
2007-01-12 12:56:12 · answer #8 · answered by Shayna 6 · 2⤊ 1⤋
man you must be real bad with money, i have never heard of anyone being made bankrupt twice, are you mad, you should have learnt your lesson first time round. In-fact stay away from money let your misses handle it for you!
2007-01-15 06:58:03 · answer #9 · answered by kate d 2 · 0⤊ 0⤋
2 - 5 years depending on the accountant that is signed to you.
Thankyou Chirpy Chippy, at least some of us know what we are talking about
2007-01-12 12:55:29 · answer #10 · answered by Anonymous · 1⤊ 3⤋