Building Society Accounts and Bankruptcy
You must notify your building society or bank when you are declared bankrupt, and they may decide what may make you bankrupt and may freeze or terminate your accounts.
During bankruptcy, you may establish a basic bank account with limited features to help you manage your finances. Typically, these accounts do not offer overdraft or credit features but can help you receive income and pay essential expenses.
Discharge from Bankruptcy
Generally, bankruptcy terminates after one year, and you are discharged from your debts. Certain debts, including child support arrears, criminal penalties, and student loans, are not dischargeable and remain your responsibility to pay.
After being discharged from bankruptcy, restoring your credit and managing your finances is critical financial difficulty.
When contemplating this debt solution, it is essential to comprehend the repercussions of bankruptcy and its effects on various aspects of your life.
Before declaring bankruptcy, we recommend obtaining professional debt advice and exploring all available options. Doing so lets you decide best to fit your current financial situation and long-term objectives.