You’re usually bankrupt for one year. After this, you’re ‘discharged from bankruptcy’ as long as you cooperate with the trustee.
But even after 'discharge' the full bankruptcy process and the things it can affect lasts longer.
You're bankrupt for 6 months if you apply through the Minimal Asset Process (MAP).
What being 'discharged' means
Being discharged means:
- you're no longer ‘considered’ bankrupt - you do not need to declare it
- you no longer need to follow bankruptcy rules
- creditors cannot take legal action against you for the bankruptcy debts (with some exceptions)
AiB will write to you to confirm you're discharged.
This will also show on the Register of Insolvencies.
When payments ends
If you’re making any payments you to need keep doing this until the end of the Debtor Contribution Order. Usually 4 years (48 months) in total.
During this time you also need to
- tell the trustee right away about any change in your circumstances
- complete a current ‘state of affairs’ form every 6 months
- give the trustee any information they ask for
The trustee will stay in place until they finish managing your bankruptcy. This usually takes around a year after:
- your payments end
- they’ve sold any assets
- they’ve dealt with all parts of your bankruptcy
You must cooperate with the trustee during this time.
Removal from the Register of Insolvencies (ROI)
Your details are removed from the ROI one year after the trustee has finished managing your bankruptcy.
So this is at least 5 years from the date of bankruptcy for most people.
This may take longer if you've had a Bankruptcy Restriction Order.
Minimal Asset Process (MAP)
For MAP, details stay on the register for 18 months from the date of bankruptcy.
Bankruptcy removed from credit file
Bankruptcy can stay on your credit file for at least 6 years.
Some credit agencies will automatically remove it after 6 years. If this does not happen, you can contact the agency to ask them to remove it.
The 3 main credit reference agencies are:
When bankruptcy can be extended
The trustee can delay your discharge from bankruptcy if you do not cooperate with them.
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