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Bankruptcy and your Bank Account

When you gain the protection of bankruptcy you are able to keep your existing bank account. You are also able to open a new bank account if you wish.

Some people are concerned that the bank will freeze their bank account as soon as the bank becomes aware of their bankruptcy. At Nicholls & Co we write to the bank asking them not to freeze bank accounts and it is very rare for a bank account to be frozen for bankruptcies we are administering.

Once the protection of bankruptcy has been obtained some people will close their bank account where they are unable to stop direct debits from continuing to take money from their bank account.

During bankruptcy, the Trustee does not operate or have access to your bank account. The Trustee will operate a separate Trust bank account for your bankrupt estate.


Alan Nicholls Bankruptcy Advice

Alan Nicholls specialises in assisting those in financial difficulty through the process of understanding & filing for bankruptcy. For more details see the contact information below: