Cash

Losttrack

Hello, how much money I can withdraw for living costs without causing any problems before I submit bankruptcy form and my accounts get frozen? Thank you

ToxtethO'Grady

There's not really a figure to give but as assets over £500 are expected to be noted down that is a good place to start.

However It's an individual amount based on your households size and reasonable domestic needs, just keep receipts, so as long as you can explain how it was spent IF asked then there shouldn't be any drama.

The best advice is to submit your application once all your bills are paid for the month then take out enough to cover your living costs (food, transport etc to cover approximately a week, maybe up to a couple of weeks if its a complicated BR) and your living costs are dependant on the size of your household, other adults contributions etc

luvchocolate

Banks don't always freeze accounts...mine didn't I had a basic bank account 

flipflopflo

Who is your bank account with? Is it a basic account?

Losttrack

flipflopflo said:

Who is your bank account with? Is it a basic account?

Hi, its not basic, I have it with Nationwide and I also have loan and credit card with them. Thank you 

flipflopflo

Okie dokie. Then move your account to someone like Barclays, Monzo, Starling or Co-op and ask for a basic account with no overdraft. 

Minkym00

Your bank account is no longer checked automatically. As long as your bankruptcy is straight forward the OR won’t be digging into your financial history. 

Losttrack

Minkym00 said:

Your bank account is no longer checked automatically. As long as your bankruptcy is straight forward the OR won’t be digging into your financial history. 

Thank you, I did not know that. I thought they always check financial history to see if there is any hidden assets. 

Losttrack

flipflopflo said:

Okie dokie. Then move your account to someone like Barclays, Monzo, Starling or Co-op and ask for a basic account with no overdraft. 

Can I do that before I submit my bankruptcy or I have to do it after it is accepted? Thank you 

flipflopflo

You can do it before bankruptcy and get everything sorted and running smoothly before you push the button.  

luvchocolate

I would do it before...insist on a basic account..transfer all your incoming and direct debit over. 
The O R used to ask for past bank and credit card statements to see if anything jumps out. 
According to Minky this no longer happens...but I'm sure if they need to they will.