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 Setting cash aside for bankruptcy process
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Mayurua
Starting Member

United Kingdom
2 Posts

Posted - 28 February 2017 :  18:11:00  Show Profile  Reply with Quote
Hi
I've read in several places that while preparing for bankruptcy I should hold enough cash back to cover me while bankruptcy goes through . At the same time I feel this could be against the rules is there a suggested amount that I am allowed to withdraw and keep to tide me over
Hope I've put this in right place mant thanks
Dave

Dave

Niobe
Administrator



United Kingdom
4582 Posts

Posted - 01 March 2017 :  08:38:25  Show Profile  Reply with Quote
Hi and welcome,

You should just keep enough for the essentials such as energy bills, rent, food etc. You also need the fees as well.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant


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Mayurua
Starting Member

United Kingdom
2 Posts

Posted - 02 March 2017 :  18:37:57  Show Profile  Reply with Quote
Thanks for response
So what sort of period of time should I aim to keep enough cash for


Dave
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Niobe
Administrator



United Kingdom
4582 Posts

Posted - 02 March 2017 :  18:44:25  Show Profile  Reply with Quote
When are you looking at declaring? Once that is done the OR will sort out your finances with you.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant


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Lisa Thomas
forum expert



United Kingdom
35 Posts

Posted - 10 March 2017 :  09:20:42  Show Profile  Visit Lisa Thomas's Homepage  Reply with Quote
My understanding is you can now make payments on account towards the bankruptcy costs via the bankruptcy portal

https://www.gov.uk/bankruptcy/overview

you have to take care with building up too much cash as it could be seen as an asset and siezed. If you can show you need some funds for living expenses this should be allowed but it depends on what sort of sums you are talking about.

Effectively if you are making the decision to go Bankrupt you need to stop paying creditors and start the application process.

Contact me on 01752 786800 or Lisa@nevilleco.co.uk
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