Your bank account and bankruptcy

You may be worried your bank will freeze your account as soon as it becomes aware of the bankruptcy but that rarely happens.

Your account is safe – and you can open another one if you wish. However, you may choose to close your existing account if you haven’t been able to stop direct debit payments being taken from it.

We always ask banks not to freeze accounts and it has rarely happened with bankruptcies we are taking care of.

Please be aware that your trustee does not have access to your personal account. A separate account is opened to manage your bankrupt estate.

Alan Nicholls’ no obligation help desk

Nicholls & Co provide a free, no obligation ‘help desk’ for people considering bankruptcy – we discuss and explain bankruptcy and answer questions for anyone who is considering bankruptcy. The Nicholls & Co help desk can be accessed by phone (1300 060 122) or helpdesk@nichollsco.com.au . Alan Nicholls, Registered Trustee in Bankruptcy is also available to answer your questions to enable you to decide if bankruptcy is right for you.