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Ordinarily, a Part IV bankruptcy lasts three years from the filing of the Statement of Affairs with ITSA.
In the case of a debtor's petition, the Statement of Affairs is filed with the petition and the three year period commences immediately.
However, in the case of a creditor's petition, the Statement of Affairs will rarely be filed on the same day the court order is made.
If the bankrupt fails to lodge the document within a certain period of time, he or she can be prosecuted and fined.

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