What is permanent bankruptcy?
Bankruptcy is not a permanent state nor is there a "permanent' bankruptcy. Bankruptcy usually last from a minimum of 9 months to a maximum of 21 months for a first time bankrupt who has complied with all prescribed duties. A second time bankrupt will remain in bankruptcy for a minimum period of 24 months to a maximum period of 36 months, again if all duties are complied with. A creditor may oppose a discharge from bankruptcy but the Court then has the discretion to set the terms of the discharge.
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