Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By homely
#4956 first of all if me and my husband go bankrupt would we have to open seperate accounts or could we open a joint account.secondly if say we had to have seperate accounts [assuming you would not be able to have more than £500 savings]would this mean that between you and your partner could be allowed to have savings of £1000
User avatar
By JaneClack
#4957 You won't be able to keep any savings if you have them before the bankruptcy as they will form part of the bankruptcy estate.

As for opening a new account you can do it together or separately. It will only be a basic account and if you have money left over for savings you can do - you would have to live frugally though. What you do with your money after the OR has discussed whether you will have an income payments arrangement or not is entirely up to you.