how long can u be bankrupt for
After 12 months youâre usually discharged (released) from your bankruptcy restrictions and debts. Assets that were part of your estate during the bankruptcy period can still be used to pay your debts.You might be able to cancel (annul) your bankruptcy before youâre discharged. Bankruptcy only applies to individuals.nce the court has issued a bankruptcy order: 1  youâll receive a copy of the bankruptcy order and may be interviewed about your situation. 2  your assets can be used to pay your debts. 3  youâll have to follow the bankruptcy restrictions. 4  your name and details will be published on the Individual Insolvency Register.