Bank accounts and bankruptcy

What happens to bank accounts and savings when going bankrupt?

You must stop using your bank account and hand over your cards and cheque books to your trustee when the bankruptcy order is made. The account will be frozen. The trustee will then free up some money for your daily needs, or for the other account holder in a joint account.

What the bank are allowed to do

It is good to be aware that the bank is allowed to use money from one account to pay off debt on another account held at the same bank.

When you open a new account you must tell the bank or building society that you’re bankrupt.



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