People always want to know how long bankruptcy will last before they decide to go ahead with it. Bankruptcy is currently for a period of 3 years, however, a new bankruptcy bill was introduced into Federal Parliament in October 2017 and it proposes to reduce the period of bankruptcy to 1 year.

If the bill is passed by Parliament you will be discharged from bankruptcy after 1 year and you will be released from your debts at this point in time.

The bankruptcy bill proposes to make bankruptcy a more viable and suitable option for Australians and will help them become financially rehabilitated earlier.

If you are looking to find out more information regarding bankruptcy, then get into contact with Australian Bankruptcy Services. We are all fully licenced and qualified to help you file for Bankruptcy and oversee the process. Call us on our toll-free hotline – 1800 462 767. We operate 24 hours a day, 7 days a week, so there will always be someone ready to give a helping hand.