Can I still open a bank account during the insolvency proceedings?
June 15, 2022 | 40,00 EUR | answered by Erwin Hausdorf
Dear bankruptcy lawyer,
My name is Tatiana Ehlert and I am currently in bankruptcy proceedings. Due to my financial situation, I am concerned that my current bank account could be garnished. Therefore, I am considering whether it is possible to open a new bank account during the bankruptcy proceedings to securely manage my money.
My current situation is that due to my debts and the ongoing bankruptcy proceedings, I am financially restricted and urgently need a solution to protect my money. I fear that my current account could be garnished, further exacerbating my financial situation.
My concerns are that without a protected bank account, I will have difficulty covering my daily expenses and fulfilling my financial obligations. Therefore, I am wondering if it is legally possible to open a new bank account during the bankruptcy proceedings and how I should proceed to do so safely and legally.
Can you please help me and let me know if I can still open a bank account during the bankruptcy proceedings? What steps do I need to take for this and what should I pay particular attention to in order to avoid any legal issues?
Thank you in advance for your assistance.
Sincerely,
Tatiana Ehlert
Dear Mrs. Ehlert,
Thank you for your inquiry regarding the possibility of opening a new bank account during an ongoing insolvency procedure to safely manage your money. I understand your concerns and can assure you that it is generally possible to open a new bank account even during an ongoing insolvency procedure.
In your case, it is important to consider some important legal aspects when opening a new bank account. First, you should ensure that the new account is clearly separated from your old account to avoid potential seizures. This means that you should not make transfers between the accounts and use the new account exclusively for income earned after the start of the insolvency procedure.
Furthermore, it is advisable to inform the insolvency administrator about the opening of the new account. This is to maintain transparency and ensure that no legal problems arise. The insolvency administrator can also help you ensure that the new account complies with legal regulations and does not violate the insolvency code.
It is important to emphasize that during the insolvency procedure, you are still obligated to provide the insolvency administrator with all relevant information about your financial situation. This includes information about the new bank account.
In summary, it is possible to open a new bank account during an insolvency procedure, but you should consider certain legal aspects to avoid any issues. I recommend contacting your insolvency administrator and planning the opening of a new account together with them.
I hope that my explanation helps you and I am available for any further questions.
Sincerely,
Erwin Hausdorf
Insolvency Lawyer
