A bankruptcy stays on your report for the following amount of time:
- 5 years from the date you became bankrupt, or
- 2 years from when your bankruptcy ends, whichever is later.
In general, a bankruptcy can stay on your report for up to 7 years. In some cases, your trustee can lodge an objection to extend the bankruptcy for up to 8 years.
A bankruptcy showing on your report can severely impact your ability to access credit in the future. This is because lenders will be able to see this information.
The longer this information has been on your report the smaller the effect it will have on your credit score.