preparing for bankruptcy

sinkinfast

due to my circunstances and advice sought, unfortunately, i am about to file for bankruptcy within the next few months, and want to make this big transition in my life as smooth as possible. i would be appreciative if anyone with experience or knowledge can provide answers to my questions
1-i currently have a basic bank account,
a)what will happen to this account
b)can i still use it
c)if it is closed, when will i know this will occur
d)can i re-open another account with same bank, should i inform them before going bankrupt
2-do i have to inform utility companies eg gas elec bt etc
a)if yes- what is best way to prepare for change for each utilty provider
3)are there any other pitfalls i should prepare for?

tigerfeet2006

sinkinfast wrote: »

due to my circunstances and advice sought, unfortunately, i am about to file for bankruptcy within the next few months, and want to make this big transition in my life as smooth as possible. i would be appreciative if anyone with experience or knowledge can provide answers to my questions
1-i currently have a basic bank account,
a)what will happen to this account
b)can i still use it
c)if it is closed, when will i know this will occur
d)can i re-open another account with same bank, should i inform them before going bankrupt
2-do i have to inform utility companies eg gas elec bt etc
a)if yes- what is best way to prepare for change for each utilty provider
3)are there any other pitfalls i should prepare for?

The only 2 bankruptcy friendly accounts are the Co-op Cashminder and the Barclays Cash account. You can open these before BR, just let them know this is what you are doing. When you go BR let the OR know this is your everyday account and he should express no interest. These accounts are rarely frozen and you carry on as normal. Just keep them in the loop as to what is happening. If they are frozen then a quick contact from the OR will soon sort it.

You do not have to inform utilities, mobile, landline etc. You just carry on as normal paying by DD. Do you have any debts with any of them?

You have to always and forever say 'Yes' when asked have you ever been BR? Some contents insurers are anti-BR and won't insure you but there are some who will.

Who has advised you to go BR?

live'n'learn

sinkinfast wrote: »

due to my circunstances and advice sought, unfortunately, i am about to file for bankruptcy within the next few months, and want to make this big transition in my life as smooth as possible. i would be appreciative if anyone with experience or knowledge can provide answers to my questions
1-i currently have a basic bank account,
a)what will happen to this account
b)can i still use it - if its a basic as in no overdraft then you can prob keep but just in case it seems either Barclays or co-op will be no problem
c)if it is closed, when will i know this will occur
d)can i re-open another account with same bank, should i inform them before going bankrupt yes you would have to inform them
2-do i have to inform utility companies eg gas elec bt etc no
a)if yes- what is best way to prepare for change for each utilty provider
3)are there any other pitfalls i should prepare for?

All the best with it

sinkinfast

thank you for your replies
i approached the CAB hoping to resolve my current debt situation, i admit i had been reluctant to go down the route of BR. during this period, suddenly without notice my employer filed for insolvency leaving me with no notice, pay or redundancy, though i have a debt of 50k to repay
1-tigerfeet- my present basic account is with the co-op and one of my creditors is barclays, how should i approach this situation?
2-yes i pay all bills by DD

JCS1

Have you looked into claiming redundancy from RPO?

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/guideforemployees.pdf

Ineedaname

If you already have a basic account with the Co-op then just ring them up when you have your BR date and have a chat with them. That should be fine as they will note the account and await the OR's letter following BR.