Answer: The usual period of bankruptcy is 3 years and one day, this is also known as the undischarged bankruptcy period in which there are certain restrictions placed on a person as outined in the Bankruptcy Act being applied, however, if you have not adhered to the terms of the bankruptcy, it can be extended by the Trustee.
If all matters are conducted within the terms of Bankruptcy Act, a person is then known as a Discharged Bankrupt for a further period of 4 years however there are no restrictions under the Bankruptcy Act .
Whilst after bankruptcy your credit file maybe noted as “satisfied bankrupt”, your name remains on the National Personal Insolvency Index (NPII) which is a permanent record of all insolvency proceedings in Australia. You also need to be truthful in answering any declarations that state “have you ever been bankrupt” even if your Credit File no longer shows the bankruptcy.