I think it is 5 years
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yep, it used to be 5 years
Veda now tells us, 'Bankruptcy Act Information is held on credit files for seven years (prior to January 1998, Bankruptcy Act Information was held for five years).'With 3 years until discharge, this leaves 4 years for the bankruptcy to disappeared from the credit report once discharged.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
PaulDobson wrote:the one that always comes back to bite us the most is rushing the choiceWise words there Paul.
The issue of rushing doesn't only apply to choosing VF buyers.
Just as a note, while bankruptcy will disappear from ones credit file after 7 years, the bankruptcy will be recorded on the National Personal Insolvency Index permanently and the information can be accessed if lenders decide to go that far.
Cheers
Tom
PLC wrote:Just as a note, while bankruptcy will disappear from ones credit file after 7 years, the bankruptcy will be recorded on the National Personal Insolvency Index permanently and the information can be accessed if lenders decide to go that far.Cheers
Tom
And th
e bankruptcy register is a publicly searchable database.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
It is amazing how a little fee can stop people going forward. I have a mate suing directors of a company who claim they have no assets. I told him to do an ASIC search to see if they hold interests in other companies but he is reluctant to spend the $30 or so.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
That's human nature for you.
Likewise when I have clients looking for a loan in a hurry, but who aren't too sure about their credit history and I tell them to obtain a copy of their credit report. They would rather wait the 2 or so weeks for the free copy than pay the fee to get it straightaway. So much for the quick turnaround they request!
Cheers
Tom
Bankruptcy stays on your Credit Report for 7 years from the time you're declared bankrupt. Considering most bankrupts are discharged after 3 years, this leaves 4 more years before in disappears from their Credit Report.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Veda now tells us, 'Bankruptcy Act Information is held on credit files for seven years (prior to January 1998, Bankruptcy Act Information was held for five years).'
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