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How Bankruptcy Can Prevent the Opening of a Bank Account

How Bankruptcy Can Prevent the Opening of a Bank Account
"""Bankruptcy is a circumstance in which an increasing number of people and businesses find themselves. Due to the economic crisis that dominates the global financial system, it is more common than you might imagine to be declared bankrupt or to declare yourself bankrupt.

There are alternatives to bankruptcy, and these alternatives should always be considered before declaring bankruptcy, which is the absolute worst case scenario from a financial standpoint. Once you have exhausted all other options, it will be nearly impossible for you to obtain a loan. In the financial realm, bankruptcy is the final destination, the final straw, and the very bottom.

Many millionaires, multimillionaires, and even billionaires have declared bankruptcy or been declared insolvent at some point in their lives. If these individuals have experienced the worst-case scenario and rebuilt their lives and financial standing to such an extent, you should not view bankruptcy as the end of everything. In fact, it can be viewed as a fresh start or a new commencement.

While your bankruptcy is in effect, you will not be able to obtain any form of credit, and even establishing a bank account will be extremely difficult. No bank on the high street will establish an account for you. This can be very exasperating and restricting, given that life continues and you may be accustomed to using an electronic payment card such as a Visa debit card. I have personal experience with the annoyance of having your debit card service terminated by the issuing bank. You suddenly recognize how frequently you use that payment card.

Consequently, without a bank account and a Visa debit card, you will be forced to adapt very fast, as I can attest from personal experience. The bank revoked my visa debit card because I 'abused the service' by using it for transactions that consistently caused my bank account to become overdrawn.

Now there are companies that can 'arrange' a bank account for you, but you should be aware that these companies are merely'middlemen' who charge you a very high fee with no assurance that they will actually establish a bank account for you. Worse still, some of the bank accounts they provide are located outside of your country.

Because it's my money in that account, I prefer to know who I'm banking with.

" - https://www.affordablecebu.com/
 

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"How Bankruptcy Can Prevent the Opening of a Bank Account" was written by Mary under the Finance / Wealth category. It has been read 189 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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