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Getting out of bankruptcy

Generally, there are only two ways of getting out of bankruptcy: annulment (cancellation) or discharge by law.

Your bankruptcy can be annulled (cancelled) if:

  • you pay all your debts, the trustee's costs and administration expenses
  • you come to another arrangement with your creditor/s
  • the court says you should not have been made bankrupt in the first place.

Unless there is an objection, you will be discharged from bankruptcy three years from the date you file bankruptcy papers.

If your trustee objects to your discharge it can be extended to five or eight years.

More information

Becoming bankrupt

Related publications

Debt problems: the law, your options

Weighing it up

How we can help

Call Victoria Legal Aid’s (VLA) Legal Information Service for free information over the phone about the law and how we can help you with your legal problem. You can speak to a legal information officer in English or ask for an interpreter. Phone (03) 9269 0120 or 1800 677 402 (country callers), Monday to Friday from 8.45 am to 5.15 pm.
VLA’s other free legal services include:

  • advice at VLA offices and other locations across Victoria
  • lawyers who are on ‘duty’ to help at many courts and tribunals.

For some matters we can provide you with a lawyer to help you run your case.

To find out more about any of our legal services see What we do.

Who else can help?

See Getting help with financial problems for details of free financial counselling services in your area and other organisations that can help you.