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Struggling with Debt? Here’s what you need to know about bankruptcy and borrowing again: Thinking about bankruptcy to get a fresh start? It’s a big step and you may be wondering how it can impact your ability to borrow money in the future. When you declare bankruptcy in Australia, it stays on your credit report for 5 years, and your name is listed on the National Personal Insolvency Index (NPII) for life. This makes it challenging to get loans or credit for 5 years after going bankrupt. After your bankruptcy ends (usually after 3 years and 1 day), lenders will see it on your record and may hesitate to approve loans or credit cards​. Not impossible, but more challenging. But here’s the good news: after 5 years, most people are able to borrow again because bankruptcy disappears off your credit report then. Bankruptcy is a tool to help you reset, but if you’re thinking about it, make sure you understand both the immediate relief and the long-term consequences. Take our FREE QUIZ to find out if bankruptcy is the right option for you, or if there’s a more appropriate solution.