There is often some confusion around how long bankruptcy lasts, which comes from stories about people not being able to get credit and having their time periods extended. The time that you are a bankrupt person is only three years, but the effect on your credit file will last for seven years. If you were to fail to comply with the requests of your Bankruptcy Trustee, or commit an offence under the Act, the Trustee could object to your being automatically discharged after three years and your bankruptcy period could be extended.