Bank Accounts after Bankruptcy?

999mph

Hi All :A

I have been running on an IVA for a good while now but became unemployed about a year ago. So now I am faced with the option of declaring bankrupt as I have no money to maintain an IVA with.

My only concerns are:
a) What happens to my existing (debt-free) bank accounts after the bankruptcy? I am referring to the accounts that I don't owe money to. I am with Santander and The Co-op (the smile bank). I do have a £500 overdraft with The Co-op but no form of credit through Santander.

b) After declaring bankrupt, will taking a long trip abroad (about 3 months) affect me in any way?

c) How long does the bankruptcy process take? And will I be able to get some help filling out the forms from someone who's already been through the process?


Thanks ever so much :beer:

andyf1980

Hi 999mph

Nice to see you!

With regard to the bank accounts they will be closed by the or. If you don't owe money to coop then they should let you open a Cashminder account.

The bankruptcy process is kind of variable. Firstly you need to take advice from one of the debt charitiesv(cab, cccs, pay plan etc) then depending on where you live you will need to make an appointment with the court (give them a ring). Once you have been to court (not as bad as you think!) the or will contact you within 2 days to organise a phone or face to face interview. That was fine as well.

I haven't really heard from the or since then!

With regard to your trip I'm just wondering how it will affect your benefits (if you are on them)

Lots of people on these forums will happily answer questions about the forms. Good luck!

fiveyearplan

You can get all the help you need with he forms on this forum.

999mph

Thanks everyone. And where can I find the forms to file for a bankruptcy? Both the Bankruptcy declaration and to inform the Court that I am on benefits so that I can be exempt from some of the fee?

With regards to my 3 months of travel I am prepared to lose out on my benefits as I am thinking of becoming self-employed after.

Also are the forms straightforward or do they have tricky questions that can come back to bite me later?

Cheers.

dojoman

Here are the links for the BR application forms, the forms you require are 6.27 and 6.28

http://www.insolvency.gov.uk/forms/englandwalesforms.htm


Below is the link for the fee remission form

http://www.hmcourts-service.gov.uk/courtfinder/forms/EX160_web_0709.pdf


The forms are quite straightforward and you will get all the help from the genuine peeps on here, just ask away.

In regard to your bank accounts it is the bank who will close them and not the OR, as already suggested the coop cashminder account is very good, and would definitely recommend it. Barclays also do a basic account but if you owe them money don`t open one until after your BR Hope this helps?

andrewsimpson2

i made an appointment with my local cab who helped me with the forms, but i found the good people here helped far more before during and after the br process. if you fill in your forms people here can advise you and will usually give you pointers on anything that needs to be changed.

As for your trip abroad you may need to look into where you stand if your on benefits of certain kinds because they have certain claim conditions attached such as job seeking ones for instance.

As others have said you will certainly loose the overdraft and may have to open a totally new account or down grade your exsisting co op one. my manager at the branch was very good and just down graded mine.

sorry to hear your unemployed and good luck in the future.

andyf1980

dojoman wrote: »

In regard to your bank accounts it is the bank who will close them and not the OR, as already suggested the coop cashminder account is very good, and would definitely recommend it. Barclays also do a basic account but if you owe them money don`t open one until after your BR Hope this helps?

I stand corrected dojoman!

dojoman

andyf1980 wrote: »

I stand corrected dojoman!

No problem andy, I always thought it was the OR until someone on here pointed it out to me

Doucam

Agree with the other replies, but, can I just be nosy and ask how you are funding your long trip abroad? as I am sure the OR will be interested in where the money is coming from and if they can get their hands on it!

999mph

Thanks everyone. I'll definitely post my questions here if I am having trouble with my BR forms.

With regards to my travels, I am buying the ticket myself and much of my expenses are going to be taken care of by my Cousin whom I am going to be staying with.

Will I have to inform the OR about my travel intentions as well or can I not just travel soon after I complete my BR process? I think I just to clear my head before starting over especially since I am thinking of becoming self-employed after I return.

Cheers.

999mph

Hope you had a lovely Christmas!

I just started filling out the forms.
In form 6.28 Section 5, I don't think have an accurate breakdown to the monies owed to each and every creditor. I entered an IVA about 2 years ago and have been making payments on there for about a year or so. I suppose I could go with the original figures declared at the time.

And then there's the question about the names of the tenants. I don't own a property, I am renting a room. I do know all the tenants by their firstnames but just not their surnames. It'll be awkward asking around for their surname even if I tell them what its about. So is that really necessary?

I also noticed that a question where I have been asked about the previous addresses where I had accumilated debt. Is there a chance of these previous addresses being notified after the BR?

And there's this small bit on Form 6.27 1f. Since I am unemployed and haven't been self-employed how should I answer that question? The question mentions something about "The centre of main interests being in England and Wales/having an established in England and Wales etc.

Going back to the process of declaring BR, how does it go? I am in London.
After I get my Cashminder account, do I ask the Smile/Coop Bank to transfer everything over to the Cashminder account or will I have to withdraw any money in the account, cancel direct debits etc and notify Housing Benefits and JSA to change the account details over to the new account? And if the process takes time, how can I prevent the money being sent to my Smile Account in the meantime?

Also will I have to tell my OR about my travel intentions? And will I have to keep him/her informed on a regular basis of my progress, income and so forth?

Is the BR process as straightforward as walking in, paying the money, handing the form and getting it all done within the day? And can I pay them with my Smile Debit card or cheque or will it have to be cash?

I know that's a lot of question for a Sunday

Thanks ever so much.