Published in Debt Advice Features on Friday, March 30 2007

There are many miss conceptions about bankruptcy and this is one of them. You can hold a bank account when you are bankrupt and there are a few banks who are very good about this.

My advice is to ring up the bank before you actually go bankrupt and book an appointment to see them on the day you actually go bankrupt, then you can get your finances in order all on the same day. Tell them you are going bankrupt and need to make an appointment to open a BASIC BANK ACCOUNT. You will not be able to get a current bank account. However do not despair you will still more than likely be able to run standing orders and direct debits and will at the least get a cash card.

Your old account will be frozen on the day you go bankrupt, but you will be able to go into a branch and withdraw your salary for example if it is timed wrong when it gets paid in. The bank may need to telephone your trustee (the person who supervises your finances throughout your bankruptcy) or get some sort of confirmation from them.