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The Bankruptcy Service Case Study Example: Bankruptcy And Bank Accounts

The following bankruptcy case study is a fictitious example, designed to help you understand working situations where bankruptcy is and isn't appropriate.

A look at how you may be restricted by your bank if you declared bankruptcy - thankfully, 2015 should see better facilities for all bankrupts.

Can I have a bank account if made bankrupt?

Yes you can, but some banks are restrictive. If you have a bank account at the time of going bankrupt, your bank may close your account, but it varies on a case-to-case basis. Barclays has a basic bank account, as does the Cooperative – both have restrictions, but are operational bank accounts. However, better news is to come – all the high-street banks will host a new fee-free bank account suitable for bankrupts, which should be operational by the end of 2015. Full details on the account can be found here:

Free debt counselling and advice is also available from the Money Advice Service available at: doesn't charge a fee for its bankruptcy service, but receives remuneration from the partners that we work with in order to keep operating. Those partners must charge a fee to the customer to likewise cover operational costs, and this amount will vary depending on the solution offered, and the terms of the parner. For details of these terms, please refer to the website of the organisation dealing with your bankruptcy. Upon application with, we will forward your information on to one of our specialist debt partners. You will then be contacted, and you will be able to explain your case, and expert advice will be offered in order to ascertain the most appropriate debt solution.