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bankruptcy and bank account with another bank

Just wondering… if one was planning on going the bankruptcy route, would it be an idea to open a bank account asap with another bank… I have a friend who may be able to loan me a few bucks here for food, neccesities and they`re from back east. I would just need to be able to cash the cheques. Would this account have to be `declared`?

Posted from: British Columbia

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One Response to “bankruptcy and bank account with another bank”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This is one of the first things I suggest people do before filing a bankruptcy or a proposal. It is always preferable for you to be banking at an institution you do not owe money to and start a fresh relationship with a new bank who is not going to be affected by writing off debt as a result of the bankruptcy. This account is definitely declared to the trustee, but will have no impact on it as long as you didn’t open an overdraft or some other credit type product.