A recent media article highlighted New Zealand's longest bankrupts: one person has been bankrupt since 1998, three since 2000, and one since 2001.
For the vast majority of bankrupts, who file a debtor petition, discharge from bankruptcy occurs automatically at exactly the three year mark with no fuss. For bankrupts who have had a creditor petition filed, it is likely that they will be bankrupt for more than three years, and there is no upper limit if those people do not complete the correct paperwork.
If you need to become bankrupt it is worth making sure that it is done right so that there is light at the end of the tunnel.
For the vast majority of bankrupts, who file a debtor petition, discharge from bankruptcy occurs automatically at exactly the three year mark with no fuss. For bankrupts who have had a creditor petition filed, it is likely that they will be bankrupt for more than three years, and there is no upper limit if those people do not complete the correct paperwork.
If you need to become bankrupt it is worth making sure that it is done right so that there is light at the end of the tunnel.