I am intending to declare myself bankrupt next week and I just want to make sure I am doing everything the correct way. My wages have just gone into my new co-op bank account, which is independent of any of my creditors. I have saved enough for the bankruptcy fee. This leaves me with just about enough money to cover the utility bills and food for March. I am going to inform the bank of my impending bankruptcy and hope they will keep my account open. However, before I declare bankruptcy on wednesday, should I withdraw all the funds currently in my bank account, just in case. Would the OR look unfavourably on this. If so, how would I be expected to live for the next month?
I have also informed my creditors of my forthcoming bankruptcy and I did manage to pay 1 month's token payment in January, but I just couldn't afford anything in February as I needed to save money for the BK fees.
I just want to get everything right and I am scared of making a stupid mistake just before BK.
There is no need to put the new basic bank account on your bankruptcy papers - just inform the OR at your interview that you have opened a new basic account for wages etc. By dealing with things in this way it eliminates the risk of the account being temporaily frozen.
It is completely understanable for individuals not to meet payments in the month leading up to bankruptcy - you are not expected to pay your creditors and fund the bankruptcy fee in the same month
Hope this helps, and good luck for next week
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Thanks for the confirmation Melanie. I have just been to the my new bank and informed them of my bankruptcy next week and asked them to keep my account open and they said there would be no problem as I have the cashminder account with them. I also have another account which I have opened as a back up with Nationwise. This too is a basic account although there are no funds in it at present. Do I need to list this on the bankruptcy forms too or would it be okay to leave it off together with the cashminder account?
I wonder if someone could help please?
Posted - 27 February 2009 : 11:43:19
