From what i understand his bank account will be closed once he is bankrupt, so he wants ME to open up a bank account before he goes bankrupt so his wages can be paid into it, is this OK?
2007-03-07 11:08:57 · 7 answers · asked by cut my finger once 1 in Business & Finance ➔ Personal Finance
Personally I would do all that I could to help- my dad went bankrupt when I was very little (late 80's depression) and it was a very dark time.
HOWEVER most banks now do a basic account for those with bad credit can still have their wages paid into it. He won't be able to get an overdraft and stuff but the basic facility of being paid and being able to withdraw it will still apply.
I used to work at Abby and I know they have one (and that was like, 4 years ago) and, like I said, it was those with no/ bad credit history or unemployed etc so i should think he'll still be able to get one even with bankruptcy.
Speak to Citizens advice bureau to check the legalities of it all if you do decide to set one up yourself.... As much as I hate to say it, some people, even dads, are just bad with money and he could, with all the best intentions, end up leaving you in bad credit if you do it in your name. In the UK there really shouldnt be any problems getting a basic account.
Good luck!
2007-03-07 11:28:47 · answer #1 · answered by spagbolfordinner 3 · 0⤊ 0⤋
Yes its ok but keep it quiet
Family are there to help each other out
If he can open up his own account like the others mention then he would be better off doing that. No one can survive without a bank account now so I hardly think bankrupts would be expected to these days
2007-03-07 11:17:50 · answer #2 · answered by Northern Spriggan 6 · 0⤊ 0⤋
when it is all completed all bank accounts,credit cards and any other debts will be closed down providing he has declared everything and not missed any thing out no matter how small it may seem,if he has declared bankrupty himself then who ever the court has placed in charge of his affairs will let him know when the period is over,as far as i know it is about 2-3 years.it is perfectly legal for you to have a bank account open for him providing his name does not appear on any formal paperwork.as far as i know the appointed liquidator can give you the names of about 3 banks that will give you father a bank account when his brankrupty period is over.the woolwich which is now barclay's did do this,but i am not sure what the case will be when woolwich name is done away with later this year,all woolwich branches will be replaced with barclay name.
2007-03-07 11:30:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If his problems are financial, help him out. If he's going bankrupt due to alcohol, drugs or gambling (even stock market if it's done gambling style) then don't get involved in his finances.
My brother went bankrupt due to alcohol, drugs and gambling issues and he involved my old parents in his affairs, opening credit cards in their names etc. and now they're completely broke too.
If he's not into those problems by all means give him a hand, but if he's involved with money/substance issues then it's a mistake to get involved with an addicted person's finances.
2007-03-07 11:29:10 · answer #4 · answered by TJTB 7 · 0⤊ 0⤋
It is ok for your dad to give you his wages, unless a court says otherwise. It is also ok for you to buy things for him with this money, But be carefull don't land your self in court, when the bankrupt court finds the 1 million quid in your account.
2007-03-07 11:22:06 · answer #5 · answered by pat m 1 · 0⤊ 0⤋
Of course you should . hes your dad for christ sake , open several accounts so that he can survive
2007-03-07 11:21:05 · answer #6 · answered by katrinasfather 3 · 0⤊ 1⤋
yes, the person that is advising your dad should tell him what will be the best way.
2007-03-07 11:21:08 · answer #7 · answered by NIGEL R 7 · 0⤊ 0⤋