Things to do in preparation for Bankruptcy?

Hollygoheavily

I'm going to be applying on around 16 May. I'm going to open a new account with Barclays. Should I tell them that I need the account without internet banking and telephone banking because I am going to go bankrupt?

I'm then going to ask my employers to change the account my pay goes into, to the new account.

I'm going to call up the companies I have direct debits with and get them changed to the new account.

I was wondering, is there anything else I should be doing?

I have a meeting on Friday with the Trustee in Bankruptcy I am getting to make the application for me, to go over my income and outgoings etc. I suspect he will say we spend far too much on food (what would be acceptable for a family of three with a teenage boy?)

Thank in advance for any advice

alastairq

Good idea about hte Barclays account, open ASAp. Don't mention anything about bankruptcy..it hasn't happened yet.

I gather there is a possibility Barclays may well rescind their rule about internet access to Undischarged BAnkrupts?

So, don't mention phone or internet access at all.

In fact, to aid budgeting in these difficult times, open a 2nd Barclays basc account...pay all your DDs and essential bills from this one...but have your pay paid into the other.

On payday, simply transfer across sufficient funds to meet all DD's, bills, etc ....then...what you have left is for incidentals and casual spends....or day-to-day expenditure. [like fuel, nibbles,etc?]

Then, you will never be in the position of wondering whether you have left sufficient funds to meet DDs?

Post up your SOA on here....allow knowledgeable folk herein to make suggestions?

The application [certainly i England & Wales] is very easy to do yourself, and you won't get stung for the Trustee's fees. Contact Stepchange, or CAB for help..they are free.

debtinfo

Hollygoheavily wrote: »

I have a meeting on Friday with the Trustee in Bankruptcy I am getting to make the application for me,

Just for the sake of clarity and presuming you are in england. Who are you getting to make the application for you? The Trustee in Bankruptcy? surely if you are not bankrupt yet then you dont have a Trustee in Bankruptcy? do you mean you are using an Insolvency Practitioner?

mill1980

I think the or is in Scotland but I could be wrong


Defo don't tell them before hand you are not bankrupt yet they do not need to know now.. And for a point of interest they haven't removed my internet banking and said (via telephone banking) they had no intention of doing so.


I move my wages and all DD etc over at the start of the month and aimed the forms getting to the Accountant in Bankruptcy for the end of the month so everything was up and running just in case anything happened to my accounts. In any event nothing has happened at all apart from Barclays offering my half price home insurance because I am bankrupt.


oh and the accountant in bankruptcy if it is Scotland that is tends to accept Stepchange income/expenditure figures so for example a family of 3 I think is about £400 for shopping. I did my interview for income/expenditure on Friday and it was fine. But if your not Scotland then me providing this info is pointless lol England is very different

georgiasmum

just a quick question, I am in a similar position and am in the process of opening a barclays account to move everything too before my court date. Does the new account get frozen too or does the barclays one get left alone? I don't owe barclays anything and have never had any accounts with them before. I wasn't planning on mentioning the BR when I apply for the account as it hasn't actually happened yet!

fermi

Assuming a basic Barclays account, then 99.9% of the time they are never frozen.

georgiasmum

and coop accounts? presuming they are opened before the BR hearing?

georgiasmum

PS thanks Fermi!

fermi

Slightly less certain with Co-op. Not heard of people having major problems with accounts being frozen, but their attitude has certainly shifted to being more anti BR in the last few years, so I hesitate slightly to say too strongly that you would be trouble free there as well, even though that is the most likely outcome.

77blondie

fermi wrote: »

Assuming a basic Barclays account, then 99.9% of the time they are never frozen.

Does this apply even if you owe Barclaycard money as it's part of Barclays?

Hollygoheavily

Thanks for the replies!
Yes, I am in Scotland and I am using an Insolvency Practitioner.
Opening bank account in the morning and seeing the IP in the afternoon- I understand he's going to be my Trustee in Bankruptcy?
I'll have a look to see if I can find the Stepchange figures unless anyone has a link?