How bankruptcy affects your bank accounts

When the court makes you bankrupt, you should stop using your cheque books and bank or credit cards. These must be handed over to the Official Receiver (the court’s bankruptcy officer).

Your bank or building society will be told that you are bankrupt and will freeze all your accounts, including any joint accounts. While your accounts are frozen, you can’t receive or make payments. This will affect any standing orders or direct debits you have, so you should make alternative arrangements to pay any bills.

• Standing orders and direct debits explained Opens new window

Money in your accounts

Your Official Receiver or trustee (the person appointed to manage your bankruptcy) will take control of your assets (property, shares etc). Any money in your bank account is an asset and will be used to repay your creditors (people you owe money to).

You can ask your trustee or Official Receiver if they will release:

• any money you need for urgent domestic expenses – for example, buying food
  
• your partner’s share of any money held in a joint account

• Contact your local Official Receiver

• Find an insolvency practitioner