Bankruptcy & Savings

up_the_creek_5

Hello

I am thinking of going bankrupt. However, i have several building society a/cs & ING a/cs. I make regular deposits to these a/cs by cash & sto. These are to budget for things like xmas, insurances, car repairs etc. Do i have to declare them to the OR & if i do not mention them will the OR find out.

Should i take the money out of them now & put the cash into someone else's name. If i do not will the OR take the money? Also one of the a/cs requires 3 months notice.

Also will the OR freeze the a/cs & close them also some of them need a minimum of £100 in them to stay open. In addition once i move to a basic bank a/c, building society a/cs will be the only way i can issue cheqs.

Are bankrupts allowed to have savings a/cs.

Thanks

rog2

You WILL have to declare them to the OR - if they are still in use on date of bankruptcy.

sarah_skint

i have been advised to close my isa and any other savings accounts and take the money out - don't forget you will need around 500 pounds(to be on the safe side) for bankruptcy. You will most definatley have to declare them to the OR or it would be seen as fraudulent

Guy_Montag

Why not take your savings & use the money pay some of your creditors?

roswell

if your going bankrupt you will have to declare them, surely you cna use these to fend of some creditors what has made you decided you must go bankrupt have you been advised to do so or just think its an answer?

Wonder_Girl

You can withdraw and use the money to pay for the bankruptcy fees, DO not use it to pay off any creditors unless you decide not to go bankrupt, turn all the accounts over to the OR, if you explain what the money is for i.e. MOT, car Tax budgeting etc s/he may let you keep some of it for that purpose, however it is possible they will keep it all to pay into your bankruptcy.

ALL assets MUST be declared, this included any and all savings, as well as property, land, vehicles, antiques etc

Good luck with your bankruptcy, I’ve been following your threads and know it will be a huge weight off your shoulders.

WG xx

earwig

hi on the bankrupcty form it asks if you have had any savings in the last year and if you havent decleared them they will want to know what you have done with them i know this as oh is bankrupt so if you need car repairs then get the work done keep the recipts to show your or what happened to the money lets rember that you will be losing your debt so the or taking your saving to go towards your creditors is only fair and once your bankryupcty is done you can start again good luck with it all

earwig

sorry forgot to say that the or will let you do a new buget for car repairs mot insarance tax ect as well as your normal living cost

bluezone

I was advised by the OR to empty my bank account - only had £180 odd in it before they wrote to the bank and froze the account. It wass worked out that this would be for me to live off and partly a deposit for rental agreement before I could set up a new bank a/c

up_the_creek_5

Thanks for the info.

I would like to point out that i am not sitting on a vast amount of money. The savings i have are to pay for annual bills due soon, to pay the bankruptcy fee, & possibly buy back the car if the OR does value it over £2k. Also using them to pay creditors would be a drop in the ocean.

Thanks

Addicted2Chocolate

totally agree, i am not even going to say anymore, i would have offered my help to the OP but wont now.

Al_Mac wrote:

To be honest it is comments like that, that get peoples backs up