Bankruptcy - Can I Keep My Bank Account
If you go bankrupt, how are you supposed to manage your money? The answer lies in basic bank accounts.
The first thing that generally happens when you go into bankruptcy is your bank accounts get frozen. What makes this bad is that most employers will no longer pay wages in cash so this can cause a major problem for anyone that is made bankrupt.
The simple answer is to open a basic bank account. This is exactly what it says it is a very basic bank account and will only allow you to have money put in and sometimes set up standing orders and direct debits. This is usually a free account unless a payment bounces. You will not have the extra benefits of overdrafts or credit facilities but it will solve your problems.
With the choice of most high street banks offering basic bank accounts you have the ability to choose. When choosing your provider please note that it is worth researching the charges for bounced or declined payments as they do vary greatly between the different providers.
