Bank Accounts For Bankrupt People


No matter the state of the economy, filing for bankruptcy is a process that can result in much anxiety and frustration. If you find you have no other recourse than to do so in order to start over financially, know that you can rise from the ashes and get back on your feet. Recovering from bankruptcy will require vigilance on your part where finances are concerned, so it is important to know where to begin. Having a bank account, obviously, is a good first step.

When you file for bankruptcy, you work to free yourself of debts accumulated over time. Under this protection, creditors will not be able to seize your assets, but you will have a set schedule for paying back some of the debt. This may happen through liquidation of property or simple payments over time to relieve the debts. As you try to begin life anew, you may find it a challenge to establish credit once more. It is not impossible to get a credit card after bankruptcy, but you may find your interest rates are a bit higher, and you maximum spend limit is shorter.

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During the bankruptcy process, your original bank accounts - if you have any - are usually frozen. What money you do save from a job or other source, that isn't used to pay off your debt, should go into a new account. Easier said than done, you might think as you search for a bank willing to work with you. There do exist, however, banks that cater to people in your situation. The account options available to you are likely to be limited, as you will adhere to various restrictions.

Accounts for people coming out of bankruptcy may not come with debit cards, and may require you to keep a minimum amount in at all times. You may be restricted from certain types of transactions, or multiple withdrawals in a certain space of time. In order to know what is available to you, you may with to consult with a bankruptcy lawyer or a counselor schooled in post-bankruptcy finance.

Once you have your new account established, all that's left to do is to start saving. Take stock of your monthly purchases and determine what "sacrifices" can be made (that daily latte, the regular manicure, etc.) while you rebuild your monetary safety net. Hopefully you'll save enough in time that you can establish a regular account.


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