Frequently Asked Questions

Can I Save Money From My Wages While Bankrupt?

Yes, once you become bankrupt, you can save from your wages provided your savings remain in your ordinary bank account. There is no limit on how much money you can accumulate in your bank account during bankruptcy.

You cannot put your savings into an interest term deposit or shares in a company as the funds then change nature and are no longer protected for you.

You can however spend your savings on payment of bills, purchase of furniture and white goods for your home and holidays.

Once you are discharged from bankruptcy, your accumulated savings in your ordinary bank account are yours, to spend as you wish.

We are here to help. If you have any questions please give us a call on 1300 764 197 or email hello@understandingbankruptcy.com.au

Further Reading: We recommend our article Wages Super and Spending which can be accessed here.

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