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Bankruptcy and trust accounts - what are the rules? - Bankruptcy UK

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Bankruptcy and trust accounts – what are the rules?

I fear that money saved for my children over the years in the trust account will be taken. The savings mainly consist of child benefit and small regular payments of £50-100 per month. Is this safe?

Yes. Children’s savings accounts are safe in bankruptcy provided they involve small, regular payments. Where it has been an issue in the past, is when the bankrupt has stashed large amounts of cash in their kid’s savings accounts to hide the money from creditors. Not advisable.

Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.

 

Bankruptcy UK

Bankruptcy UK