What bankruptcy records are kept and for how long?

If you’re concerned about the effects of bankruptcy, make sure you have first checked that an IVA or another debt solution is not open to you. If at all in doubt, call the Debt Advice Trust free for expert, impartial advice.

If your debts are so serious that bankruptcy really is inevitable, then there are many implications. You will normally be discharged from your bankruptcy after a 12 month period but may be expected to make monthly contributions from income for a three year period. However, you can continue to be subject to the restrictions of bankruptcy for as long as 15 years if the Official Receiver believes there are reasons to apply to the court for a bankruptcy restrictions order because you have been dishonest before or during the bankruptcy.

The ability to get future credit

In addition to the above, your bankruptcy will remain on your credit file for six years. This means that any credit card or loan company doing a credit search on you will see that you have been bankrupt within the last six years. However, you may find that when applying for credit at any time in the future, you may still have to declare that you have been bankrupt.

Bankruptcy does become public knowledge

As well as your bankruptcy being made known by the Official Receiver to official bodies such as your local authority, utility suppliers, credit reference agencies, Land Registry and others, your bankruptcy will also be advertised under legal notices in local or national newspapers. So you can expect your bankruptcy to be on record in quite a few places.

Bankruptcy records FAQ's

• Q: What happens after my bankruptcy is discharged?

  A: You are free to apply for any credit or financial services you choose, although acceptance is not guaranteed. And remember, your bankruptcy will appear on credit searches for six years

• Q: Will the same records be kept about me if I take out an IVA ?

  A: An IVA is kept on your credit record for six years from the date of arrangement. It is also entered on the individual insolvency register which can be searched by the general public. What we can say is that it is not advertised in the paper and your employer is not notified unless you choose to tell them.

More Bankruptcy FAQ's