Saving Money While Bankrupt

save money

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. You can accumulate as much money as you like in your bank account during bankruptcy, there is no limit.

Your savings should be kept in a standard savings account, you can not invest into interest term deposits or shares in a company as the funds then change nature and are no longer protected for you.

It is OK to 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 keep.

We are here to help. If you have any questions please give us a call on 1300 794 492 or email hello@understandingbankruptcy.com.au

Further Reading: We recommend our article Wages, Super and Spending.

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