Check how bankruptcy affects your money and bills

Summary

Once a bankruptcy order is made, any bank or building society accounts you have are usually frozen immediately. This means: * the bank might stop payments going into or out of your account * you should immediately stop using your debit cards, credit cards and cheque book * if the official receiver asks for your debit cards, credit cards or cheque book, you should give them to the official receiver as soon as possible The official receiver will find out from the bank what is in the account. If they decide that you need the money in the account for necessary living expenses they will tell the bank to release it to you. The bank will then decide if you can keep using the account. The official receiver is not involved in this decision. If you can’t use your account any more, you can find out how to open a basic bank account. Your joint bank account will be frozen. The official receiver will usually give half the money to the other account holder. If the other account holder has paid more into the account than you, they might be able to keep more than half the money. Talk to an adviser if you need to prove someone should keep more than half the money from a joint account. If you owe.

Key information

• the bank might stop payments going into or out of your account
• you should immediately stop using your debit cards, credit cards and cheque book
• if the official receiver asks for your debit cards, credit cards or cheque book, you should give them to the official receiver as soon as possible
• what type of pension it is
• whether you're receiving an income from your pension yet
• whether you're planning to receive payments from your pension within 4 years of becoming bankrupt
• an occupational pension scheme from your employer
• a retirement annuity contract
• Once a bankruptcy order is made, any bank or building society accounts you have are usually frozen immediately. This means:
• the bank might stop payments going into or out of your account
• you should immediately stop using your debit cards, credit cards and cheque book
• if the official receiver asks for your debit cards, credit cards or cheque book, you should give them to the official receiver as soon as possible

Practical guidance

• Source: Check how bankruptcy affects your money and bills

Related topics

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• Check if you have to pay a debt
• Check the rules after you go bankrupt
• Check what an IVA is
• Cold called by a debt management plan provider