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T O P I C R E V I E W
h121
Posted - 17 April 2008 : 21:18:25 what happens to are bank a/c if we go bankrupt as are wages are paid in and we have to pay rent
2 L A T E S T R E P L I E S (Newest First)
AlanO
Posted - 17 April 2008 : 23:19:21 Hi h121
Depending on the frequency of your pay, when you pay bills and how your payroll department works - then there could be an optimum date for filing. For instance if you are monthly paid and your bills are paid a few days after then suggest you file then.
Immediately after the bankruptcy order check with your bank to see if they are happy to continue and if not then you can advise your employer of new banking details in good time for your next payment.
If you are weekly paid then there is a chance that some of your wages could be temporarily frozen - if this happens the Official Receivers office is usually very good and can get them unlocked in a short period of time.
On a practical front, it is a good time to be holding cash and draw down your account to a minimum before filing
Posted - 17 April 2008 : 22:08:32 Hi h121 and welcome to the forum
If the account is held with a bank to whom you do not owe money, it is likely to get frozen temporarily until the OR can establish whether your bank are prepared to allow you to retain the account. Some don't so if you can tell us who you bank with we may be able to advise further.
It is usually a good idea to draw most of your money out of the account before petitioning for bankruptcy, so that you can meet your ongoing and immediate bills whilst the OR deals with your bank. It might also be sensible to open a new account with a bank to whom you do not owe any money - and a lot of forum members recommend the Co-op as a good choice.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
